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Gold/Mining/Energy : Day trading in Canada -- Ignore unavailable to you. Want to Upgrade?

To: chris who wrote (1109)	11/6/1998 4:49:00 PM
From: AriKirA	Read Replies (2) \| Respond to of 4467

That is not exactly what I am saying. Here is an example that might clarify what I was trying to explain If someone makes a living daytrading, he is obliged to declare his gains as revenue (he does not have an option in this regard). Therefore, the taxpayer's revenue would be computed by subtracting his losses from said gains. The net result would therefore constitute the revenue generated by his daytrading activities. Income consists of revenue and capital gains. You can subtract capital losses from capital gains but you can never interrelate the 'capital gain column' with the 'revenue column' In other words, you can never claim capital losses as revenue losses!!!!! That is a BIG NO NO ! If your principal occupation is to daytrade, then the income that you generate from said activity is by law considered as revenue and not as a capital gain. If this is the case, you are allowed to deduct certain expenses related to daytrading from your income (refer to section 20 of the Income Tax Act). Thus, you can deduct all your investment related expenses, such as PCQuote, RealTick III, CanadaStockwatch, Financial Post, ... Hope this clears things up Regards AK