Canadian Tax Reporting

Discussion in 'Taxes and Accounting' started by hrifraf, Apr 24, 2002.

  1. hrifraf


    Is anyone here filing their own (Canadian) tax return?

    I have a relatively large number of stock trades to report on my personal tax return(certainly more than the 40 lines on Sched3supp). Does anyone know if there is some way that I could import the trade data from a spreadsheet or a Quicken report? I have already entered all the trades into Quicken – I do not want to have to enter them all again……

    I am currently using Taxwiz, but would consider switching to Quicktax if it handles this.

    Is there some other way that this situation is commonly handled? I am hoping to Netfile, but I suppose I could print out the details and mail the return instead. Is it necessary to report the details of each individual trade, or could summary information be shown?

    Any suggestions would be appreciated.
  2. hrifraf


    OK, I got the answer from another source.
    You don't have to report all the details - just the totals on Sched3. If you are paper filing you can attach a separate list. If you are Netfiling you can send a separate report if they (RevCan) ask for it.
  3. I had my tax done by an accountant, but what I did was I added up all the buy and all the sell, and made the difference, monthly, and yearly, and gave it to the accountant. It's considered as a business, not capital gain/loss.
  4. This means daytrading profits are effectively taxed at at higher rate than those earned by a buy and hold guy, right?
  5. go to this thread that I started. Cdntrader gave me a great link that answered most of my questions.

    Depending on how you interpreted your trading, you could consider it as an investment (capital gain/loss) or a business (business gain/loss). Notice that in the Publication of Revenu Canada from the link above, the point #18 :
    "The gain or loss on the "short sale" of shares is considered to be on income account ".

    Hope this help. Beside, the deadline for returning your tax report was last week, no? :D