I'm a prop trader with Swift Trade and they hire us as contract workers. How are you prop traders filing taxes? I'm thinking of opening up a corporation and then trade under that. What is the maximum celing on writing off home office expenses? with housing prices at ridiculous stratospheric levels in Calgary I'd like to buy before prices go to even higher abnormal levels as people here are projecting. It would be nice to be able to write off the $4000 mortage on a starter house. Anyone have links to the relevant tax information and codes and phone number to a good CPA in Calagry, please pm me.
Canadian Taxes on Equities? Will they consider trading as business income or capital
- Thread starter mahram
- Start date
hi hguar,some deductions you can do are phone,cable/internet,computer equip,% of utilities such as gas/elec etc.% of mortage/rent for office use.mileage on your car for biz use(52 cents a km).keep a log though. % of home reno's.
if you switch to business income then you won't be able to switch back when you have gains though.
good luck
yeah,you're right.you can't decide to declare as income all of a sudden when you have losses when you have been declaring as capital gains for yrs.things might just get worse.if cra does look at your records and decides that you have been operating as a biz,then if you end up owing money,they will charge interest
I need some advice on what I can claim as a capital gain and a capital loss. 2010 was my first year trading and I ended up with a loss on my account of day $3,000.
Now most of my losses have a same contract (identical property) being bought and sold 30 days before or after the sale of the loss since I am day trading.
for instance say I took the following trades.
March 1 2010 - Buy MAR CL 2010 at $80.10 a barrel, sell at $80.15, I now have a capital gain of $50, I wont include broker fees in my example.
Next trade is a loss
March 2 2010 - Buy MAR CL 2010 contract at $82.15 a barrel and sell the contract at $82.05, So I get a Capital loss now of $100
Since I took a trade within 30 days before the loss, this loss now becomes a superficial loss according to the CRA and I add the loss to the ACB of the substituted property. So in this situation is the substituted property the trade on March 1? Do I now add the $100 loss to the price of the trade on March 1?
I get different answers it seems from the cra. one rep I called who is supposed to know more then the others told me the second trade will indeed become a capital loss as long as I do not buy the same contract back 30 days AFTER the loss. but why does the superficial loss rule on the cra website state 30 days before/after the loss?
Wouldn't the trade on March 1 make the March 2 trade a superficial loss?
Now most of my losses have a same contract (identical property) being bought and sold 30 days before or after the sale of the loss since I am day trading.
for instance say I took the following trades.
March 1 2010 - Buy MAR CL 2010 at $80.10 a barrel, sell at $80.15, I now have a capital gain of $50, I wont include broker fees in my example.
Next trade is a loss
March 2 2010 - Buy MAR CL 2010 contract at $82.15 a barrel and sell the contract at $82.05, So I get a Capital loss now of $100
Since I took a trade within 30 days before the loss, this loss now becomes a superficial loss according to the CRA and I add the loss to the ACB of the substituted property. So in this situation is the substituted property the trade on March 1? Do I now add the $100 loss to the price of the trade on March 1?
I get different answers it seems from the cra. one rep I called who is supposed to know more then the others told me the second trade will indeed become a capital loss as long as I do not buy the same contract back 30 days AFTER the loss. but why does the superficial loss rule on the cra website state 30 days before/after the loss?
Wouldn't the trade on March 1 make the March 2 trade a superficial loss?