CERB and day trading..maybe someone can help

J

jer91

Hi Im Self-employed and I qualify all the criterias for CERB so I've applied for and received it. At beginning of April I started stock options trading for the first time and luckily had good profits which are over 5000$. Am I considered a day trader now and don't qualify and CERB ?
what does it mean if I just started and never had income from that before?
Even if let’s say The income from the options would be higher than any other income 2020? Can I withdraw it to my bank account? its not a REGISTRED account just individual account at Interactive Brokers

thanks
 
I highly doubt the government will found out about this even if it's does count as "income", unless this becomes a monthly occurrence. I think trading income can be counted all at once at end of the year so technically you are not receiving trading income from Jan-Nov.
 
It depends on the frequency which is CRA's call and it also depends on if you report it as income, but the default is capital gains. If you are doing this almost every day then switch to a registered account or open a corporation.

But let's be real, the start of April was the market bottom and everything shot up pretty quickly. If you're new to trading then there's a 95% chance that taxes will be the least of your worries.
 
jer91 said:
Hi Im Self-employed and I qualify all the criterias for CERB so I've applied for and received it. At beginning of April I started stock options trading for the first time and luckily had good profits which are over 5000$. Am I considered a day trader now and don't qualify and CERB ?
what does it mean if I just started and never had income from that before?
Even if let’s say The income from the options would be higher than any other income 2020? Can I withdraw it to my bank account? its not a REGISTRED account just individual account at Interactive Brokers

thanks
More...
No you won't qualify. I say that without details but generally it's a no.
 
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