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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: stoxguru who wrote (48583)	3/22/2001 1:18:06 AM
From: Canuck Dave	Respond to of 62347

My accountant is putting in my activity from last year as capital losses. He says Revenue Canada may come back and reassess the whole thing as business income. If they do that, no big deal, applying 100% of my 2000 losses against 1999 gains means they don't get a nickel more in tax, I just won't get a big tax refund for 2000. Since I was working full time in 1999, I'm on pretty good ground for declaring that year as capital gains. If I ever start making money on the market again (fat chance!!), I'll probably have to declare it as business income in future years. They look at how long you hold something and what your other sources of income are. If you're a day trader and actually making money, I suggest you don't want to run afoul of our friends at RC. They will treat certain kinds of income in different brackets. What that means is I'm considering creating a separate day trading account and then everything is kosher. One account for long term capital gains and one for day trade income. That help at all? CD

To: stoxguru who wrote (48583)	3/22/2001 9:12:49 AM
From: kidl	Respond to of 62347

Stoxguru, This thread might have the answers you're looking for. I have found it very informative. Subject 33434 Regards kidl

To: stoxguru who wrote (48583)	3/22/2001 9:42:55 AM
From: couldawoulda	Read Replies (1) \| Respond to of 62347

stoxguru - I run my own business from home and have typically tacked any gains from trading onto my yearly gross. From there of course all the write-offs come into play, and remember too that you have commissions to subtract off - 9k U.S. last year for me. I don't know the specifics of it as my accountant does all the hard work, but I do believe anything reaped from the market is added to the overall income and then taxed accordingly.