Houses in sask went up a bit over the past few years, bought a 1900sqft house in 2003 for 170g's it's worth about 350g's now. If I sold it and get a place in georgia or something it MIGHT be ok, but I would be emptying out my trading capital if I paid cash, from few hundred g's.... tooo... eh... 5000 bucks lol.
Taxes for canadian traders?
- Thread starter acerbits
- Start date
Houses in sask went up a bit over the past few years, bought a 1900sqft house in 2003 for 170g's it's worth about 350g's now. If I sold it and get a place in georgia or something it MIGHT be ok, but I would be emptying out my trading capital if I paid cash, from few hundred g's.... tooo... eh... 5000 bucks lol.
WOW wait a second, what did Canada ever do for me.
except, accepted me into this country when no one else wouldn't
bestowed upon me free medicare as a human right.
gave me opportunity to educate myself
DARN it
I'll admit to some earnings after all.
this is what separates us for US, they don't care
In Canada the worst of us care at least slightly
you have nice size account then,you'll want to declare to the cra then the income from the US broker. not worth the fines and stress if they step on you.
But a declaration of foreign Corp/Foundation/Entity ownership must be made with CRA. Or else it just appears one is compensated from a foreign company (operating at arms length). When in actuality, one is not.
Dont get me wrong. Id love for this to be true. PM me if you prefer :0)
acerbits,
I'm a Canadian career trader (futures) also using an American broker. Your gains need to be declared as income whether you keep the funds with your broker or wire it to your Canadian bank account. Of course, losses can be carried forward to offset future income tax (assuming you have a negative year). If you are a career trader CRA will want to tax your success as income (NOT capital gains).
My best advice is to meet with an accountant for an hour -- the best "investment" you can make at this point.
Mark
I'm a Canadian career trader (futures) also using an American broker. Your gains need to be declared as income whether you keep the funds with your broker or wire it to your Canadian bank account. Of course, losses can be carried forward to offset future income tax (assuming you have a negative year). If you are a career trader CRA will want to tax your success as income (NOT capital gains).
My best advice is to meet with an accountant for an hour -- the best "investment" you can make at this point.
Mark
I can't remember CRA's exact criteria but it doesn't apply only to trading. You can't flip houses, cars, goats, etc. on a regular basis and declare it as capital gains. Trading is an income-producing activity. On the bright side, you do get to write off anything related to trading so you get breaks on things like platform fees, computers, etc. (that Joe Investor would not).
Mark
Mark