canadian tax info

Quote from Siwash:

I'd get a second opinion, there is a memo on the CRA website, just do a search for it. No law against living off capital gains my friend!

What part of the country are you in anyways?
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this is what i was refered too:http://www.cra-arc.gc.ca/E/pub/tp/it479r/it479r-e.html

sec 9

i did get 2 opinions and talked to a cra rep.everyone said the same thing.the cra rep said its up to you to decide but if they determine that the trading is carried on as a business then they will go back and re adjust with interest penalties. same with the accountants. i really didnt want to have 6 yrs of capital gains and then they decide to adjust it

im no way saying for anyone to declare as income. i just thought id post about the deductions cause i've read other people also declaring as income and there was some discussion about vehicles.

Im in AB,you?
 
CRA is intentionally vague on this as they distinguish between casual and pro investors.

Keep in mind if they audit you, and audit your records from your brokers/etc, they have no hesitation in calling it a business if they see it at way, and then you are red flagged and toast.

(I'm a CMA who also trades part time)
 
Quote from battle river:

this is what i was refered too:http://www.cra-arc.gc.ca/E/pub/tp/it479r/it479r-e.html

sec 9

i did get 2 opinions and talked to a cra rep.everyone said the same thing.the cra rep said its up to you to decide but if they determine that the trading is carried on as a business then they will go back and re adjust with interest penalties. same with the accountants. i really didnt want to have 6 yrs of capital gains and then they decide to adjust it

im no way saying for anyone to declare as income. i just thought id post about the deductions cause i've read other people also declaring as income and there was some discussion about vehicles.

Im in AB,you?
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Thanks for the link, I must have read a different section,

I'm in Vancouver, get out to AB every few months for the day job.

Cheers,
 
I was under the impression if you're doing it professionally it has to be declared as income. but that could be just the setup Bright has with its traders.
 
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