Accountant in Toronto Canada

Discussion in 'Professional Trading' started by polka, Mar 16, 2010.

  1. polka


    I am looking for a good tax accountant in Toronto that could help me prepare my taxes.

    I have done a big number of trades, including short trades. I ended in the negative territory over the year. Not a big deal, I am learning. But, most likely I need to declare myself a day trader, though I have a full-time job . IB's reports are quite messy, so I am not sure I can sort things out myself. For one, I am not even able to calculate ACB to arrive at the same numbers (proceeds from sales) that IB has on the report. To make matter worse, first half of the year I only made two trades on cash account, and the rest was thousands of trades on margin. So, I am half capital losses half income losses. But the number on the T5008 is only one. Have no idea how to report it in two places.

    My experience finding an accountant is not very smooth - they either don't want to deal with me, or ask for per hour charge of $350, without telling me what the total charge will be. Seems like they don't quite know what they are dealing with and I am not about to pay $350 an hour to have them learn about trading tax laws.

    So, please, help me find a good accountant, or perhaps if you have done canadian taxes based on IB's reports and have some kind of spreadsheet that you can share, please let me know. I am going nuts over this thing.
  2. It would be kind of hard to find a 'good' one in canada, its a small user base, let alone those who know it well might be limited to their knowledge to this field.
    But someone might know one. :)
  3. l2tradr


    If you have a full time job, you're not considered a professional trader, gains/losses are treated as capital gains. Go to any H&R Block and they'll calculate it for you. Depending how many trades you have will determine your cost (they charge per line). I am fairly active myself, maybe 1000 trades per year or so, and the cost was about $800
  4. If trading as a full time job, what is the best way to report?
  5. l2tradr


    Same process but no favourable tax treatment for your gains, they are simply income and fully taxable. At that point however, you can deduct expenses associated with your business/
  6. Luke_P



    Any luck with your search? I'm looking for the same, preferably not a liberal accountant jealous of my gains and insistent that I pay my "fair share". I don't want to break any laws but work within the laws to minimize my tax burden, that's what I thought accountants were for.
  7. bamojo


    How do you mean by small user base? Are you referring to the number of good accountants or number day traders?
  8. Toronto is the 4th largest city in NA, with a huge professional work force.
  9. deaddog


    You need a paper trail to be able to justify your income whether it be capital gains or trading income. I've never had CRA question

    If I recall correctly you can elect which method you use, but only once then you are stuck with it.

    With the income method you can write off business expenses like your annual trip to Vegas to attend Traders Expo, cost of your trading station and part of your house as a home office.

    With the cap gains method you only pay tax on 50% of your profit.
  10. apo99


    My accountant told me not to declare myself as a trader since i have a full time job. CRA is very grey when it comes to this
    #10     Sep 11, 2020