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Gold/Mining/Energy : TAXES, TAXATION, TAX and Canadian stocks

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To: toccodolce who wrote (55)	3/2/2000 3:03:00 PM
From: David Robinson	Read Replies (1) of 548

Anyone with an RRSP deduction limit can contribute to an RRSP and claim a tax deduction against the current year's income - whether it is investment income, employment income, or whatever. However, unless you have an unused RRSP deduction limit, you will not be able to make a deduction. Check your 1998 Notice of Assessment for your RRSP contribution/deduction limit. An RRSP deduction limit is based on your "earned income" of previous years. "Earned income" includes income earned from employment or self-employment, but generally not income earned from investments, such as capital gains (unless perhaps you report your investment gains and losses as "business income" - but then your profits are taxed fully rather than only 3/4 or 2/3 of capital gains) Maybe others can help on the subject of reporting your trading activity as a business. If you no longer have an "earned income" then your investing profits will not allow you to build up any NEW RRSP deduction room for the future, but as I have said above you can still make RRSP deductions against any UNUSED RRSP deduction room of previous years. hope this helps, david

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