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

To: Fred C. Dobbs who wrote (2911)	4/22/1999 1:46:00 AM
From: russet	Read Replies (1) \| Respond to of 4467

If you only trade once or twice a week,...you are probably safe in claiming capital gains for 1998. Subtract your brokerage fees from your net winnings, and then claim 75% as capital gains. It is probably worthwhile going to an accountant the first year and getting them to check your calculations. Read the capital gains circular from Revenue Canada and have lots of questions ready. Don't let the accountant run on,....remember the chit is paid by the hour $75.00 +++/hour,...and if he/she can talk about the spouse/kids/other B.S. to fill the time, they will. If you have losses at the end of 1999, you should be able to carry them back to 1998 or prior years to cancel out your capital gains of those years. Again it would be wise to seek out an accountant. Even if you are claiming capital gains from investments, rather than income,....there are many deductions you can claim as investment deductions such as business rag subscriptions, interest on loans used to invest in the market, and many others. Keep in mind that the more of these you claim, the more likely you are to get audited by Revenue Canada, and the possibility exists that they may force you to claim the winnings as income instead of capital gains (75%). Get some professional advice at least at the beginning. Lots of good books can be purchased or loaned out at the library. russett