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Gold/Mining/Energy : TAXES, TAXATION, TAX and Canadian stocks
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To: russet who wrote (474)11/26/2001 11:38:17 PM
From: Kayaker  Read Replies (1) of 548
 
I draw that conclusion from the court case of Arcorp Investments.

fja.gc.ca

[23] Subsection 39(4) of the Act, which was first enacted by Parliament in 1977, provides for an election of gains or losses in Canadian securities to be treated as capital.
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(3) Issue No. 3 -- Was Arcorp entitled to elect?

[31] Subsection 39(4) of the Act provides exceptions in subsection 39(5) to an election; the first prohibition is that a trader or a dealer in securities could not elect.
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[36] As noted, I found in issue No. 1 that Arcorp's securities activities exhibited a badge of trade and a manner of operating similar to that of a trader in securities. I therefore find that Arcorp is a trader in securities within the meaning of paragraph 39(5)(a) of the Act and was not entitled to make the subsection 39(4) election.
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