Taxes on futures trading in Canada?

D

drukes1234

I know in the US when trading futures your profits are taxed as capital gains and not as income, does this apply if you live in Canada as well?

Thanks
 
Quote from drukes1234:

I know in the US when trading futures your profits are taxed as capital gains and not as income, does this apply if you live in Canada as well?

Thanks
More...

You haven't provided enough information...legal residency, broker account status et cetera.

It seems like your saying you are a U.S. citizen living in Canada or saying you are a Canadian citizen with a U.S. futures trading account.

Regardless, pay a few hundred bucks and go see a tax accountant to avoid any problems.

If not...call the IRS in the U.S. or the C.R.A in Canada before they get really busy (long holds on the telephone) later this month.

Mark
 
50% of capital gains are taxed in Canada, but if you are trading futures for income it is treated differently. I would imagine it would be treated as normal income on your tax return.
 
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