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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime
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To: WhatsUpWithThat who wrote (7109)4/15/1999 9:38:00 PM
From: Buckey   of 62347
 
Off topic but Off hours - Before I started that I was audited 3 of the last 5 years - If was to have claimed my 1997 gains from my two overnight holds they would have nailed me to the wall. I had capital gains in every year but they are minimal as most ( all ) of my long term investments are in SDRRSPs.

It is in here some where
rc.gc.ca

and reads as copied in my letter to them:
"IT479R Transactions in securities"
which states ( as copied directly from the website:

11. Some of the factors to be considered in ascertaining
whether the taxpayer's course of conduct indicates the carrying on of a
business are as follows:

(a) frequency of transactions - a history of extensive buying and
selling of securities or of a quick turnover of properties,

(b) period of ownership - securities are usually owned only for a
short period of time,

(c) knowledge of securities markets - the taxpayer has some
knowledge of or experience in the securities markets,

(d) security transactions form a part of a taxpayer's ordinary
business,

(e) time spent - a substantial part of the taxpayer's time is spent
studying the securities markets and investigating potential
purchases,

(f) financing - security purchases are financed primarily on margin
or by some other form of debt,

(g) advertising - the taxpayer has advertised or otherwise made it
known that he is willing to purchase securities, and

PAGE 4

(h) in the case of shares, their nature - normally speculative in
nature or of a non-dividend type.

12. Although none of the individual factors in 11 above may be
sufficient to characterize the activities of a taxpayer as a business,
the combination of a number of those factors may well be sufficient for
that purpose. Further, subsection 248(1) defines the term "business"
to include "an adventure or concern in the nature of trade" and the
courts have held that "an adventure or concern in the nature of trade"
can include an isolated transaction in shares where the "course of
conduct" and "intention" clearly indicate it to be such.
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