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

To: AriKirA who wrote (1110)11/6/1998 4:57:00 PM
From: keith massey  Read Replies (3) | Respond to of 4467
 
I actually looked up all the tax rules one time. They are posted on Tax Canada's site but I can't remember the URL at this time. Just making your daily income as a day trader does not make you a professional day trader. There are set rules to who is considered a professional and you is not. People like Chief who don't have another job (I think) but sit and home and day trade are not considered professional under the guidelines that I read. This means that he claims capital gains instead of income but can't write off newsletters, papers, Canada Stockwatch, etc. etc. I will look for the document tonight and post it when I find it.

Best Regards
KEITH



To: AriKirA who wrote (1110)11/8/1998 12:51:00 PM
From: JAS  Read Replies (2) | Respond to of 4467
 
"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, ... "

AND... these can be used to add to the capital losses, correct?

Jim


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