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Gold/Mining/Energy : TAXES, TAXATION, TAX and Canadian stocks -- Ignore unavailable to you. Want to Upgrade?

To: Jim Bishop who wrote (10)2/19/2000 5:02:00 PM
From: CIMA  Read Replies (1) | Respond to of 548
 
Likely not IMO. If it can be demonstrated that a majority of your income is being made trading stocks with holding periods that are very brief definitely not. That will be considered income and is taxable at your personal income tax rate. There is a form where you can become permanently registered with RevCan in order to only have such transactions taxed as Capital Gains. I can't remember what that filing is but will look into it further.



To: Jim Bishop who wrote (10)2/19/2000 6:40:00 PM
From: hugh thorne  Read Replies (1) | Respond to of 548
 
Very few tax cases on the issue to date, i would expect this to change and we will see a more aggressive stand from Revenue.

Individuals, who are not considered traders, can elect under SS 39(4) to have capital treatment. Essentially a catch 22 though, only a trader would be at risk of re-assessment and would need to rely on the election.


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