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

To: Brian Diggle who wrote (2881)	4/21/1999 8:49:00 PM
From: Buckey	Read Replies (1) \| Respond to of 4467

Brian - I filed a return and I claimed all expenses I could think of - I took my office and it is 10% of the living space - I got a crapper off the office si i am claiming turlet paper too. anyway - The tax forms provide the spaces for all of the household expenses including interst on the mortgae - all taxes water electricity Gas if you have it and then you do the % of those costs. I did not have a good 1998 - I lost money - I made in 1997 and used those proceeds to make a bunch of stoopid moves that were cashed out in early 1998. Now I also claimed all of the expenses - CCA on my computer - and all the things that have been mentioned. I am unsure if they will allow the losses against my other income. If not - I will make it up this year. the expenses will carry forward to this year I think - I used home tax software. the key is reasonable expectaion of profit. Well I provided my tradingg summary for 1999 and it is nicely in the low to mid 4 figure range as of Feb 8 si I showed clearly that I would be m aking money at this as an income generator. I will update when i get my taxes back - I dont have them back yet - been over 6 weeks and we got back my wife's taxes a weel ago which were sent in at the same time - I suspect that it gets sent on to a more senior person to review - I amsure they will screw as usual - If i was the ugliest homliest guy in the world I could always look forward to April because I know one way or another I am gonna get screwed then -

To: Brian Diggle who wrote (2881)	4/21/1999 10:47:00 PM
From: russet	Respond to of 4467

Claim everything you use to make money trading or daytrading. If you need a dog by your side to keep your blood pressure in line claim all his/her expenses too. Claim your trading income as income and claim every expense you used to make that income. Keep the expenses well documented. If you bought lunch to wine and dine John Kaiser and get some tips you only get to claim half the lunch and half the GST thanks to Mulroney. If you travel to Bahamas to consult with some sleeze bag promoter, claim it, but document it well, and for chits sake enjoy your life and expect an audit. If it is well documented that you need to do whatever to make money, it will be allowed. russett P.S. if you make lots of money daytrading,...expect Revenue Canada to tell you forget about capital gains,...it is income. You may get away with capital gains one year,...but if you keep making money,...they will take a look at the last 6 years of tax forms and disallow capital gains and force you to claim them as income,....start keeping expense receipts no matter what you do.