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

To: Gulo who wrote (2912)	4/22/1999 2:02:00 AM
From: russet	Respond to of 4467

Russett back to Gulo, You can still claim a portion of rent, interest on mortgage(not principle), utilities,property tax etc. except depreciation . If you claim depreciation (CCA on the office area) you run the risk that your house will appreciate in value over the years,...then when you go to sell, the part of your house that is your office will be subject to capital gains,..and the original cost base will be the purchase price of the office area minus the depreciation of the office area. You will not be able to claim the entire house appreciation under the normal principle residence deduction. You are right in taking this up with a tax profession. Anyone that daytrades, or trades stocks as a profession or claims a home office must do this. Revenue Canada will let you go on for a few years until you have lots of rope to hang yourself. Then they will audit you,...and if the year of the audit shows mistakes,...they will go back 6 years and really screw you. I have a relative that is a Revenue Canada auditor. Believe me, he would turn in his mother. russett