I'm a prop trader with Swift Trade and they hire us as contract workers. How are you prop traders filing taxes? I'm thinking of opening up a corporation and then trade under that. What is the maximum celing on writing off home office expenses? with housing prices at ridiculous stratospheric levels in Calgary I'd like to buy before prices go to even higher abnormal levels as people here are projecting. It would be nice to be able to write off the $4000 mortage on a starter house. Anyone have links to the relevant tax information and codes and phone number to a good CPA in Calagry, please pm me.
you may get away with writing off 10 percent of your mortgage by saying you use that much of your house for the buisness, ie : office.
I have lot of losses in this year and I want to report as bussiness loss which industry code is most relevent for Day trading of stocks what are the other deduction I can put Can any one provide me the advice Thanks
I suffered massive loss as well. Can we use industry code 561000 then apply MTM loss or must we use FIFO method? This MTM loss would allow me to claim loss of 41K immediately vs a loss of 8K. What happen if you are filing late, does that prevent you from claim S39(4) status as well?
hi hguar,some deductions you can do are phone,cable/internet,computer equip,% of utilities such as gas/elec etc.% of mortage/rent for office use.mileage on your car for biz use(52 cents a km).keep a log though. % of home reno's. if you switch to business income then you won't be able to switch back when you have gains though. good luck
In addition they will go back into past years and reanalyis all your Capital gains and make you report those as income as well. So if you did have some good years in the past it is probably not advisible to make that election
yeah,you're right.you can't decide to declare as income all of a sudden when you have losses when you have been declaring as capital gains for yrs.things might just get worse.if cra does look at your records and decides that you have been operating as a biz,then if you end up owing money,they will charge interest
I need some advice on what I can claim as a capital gain and a capital loss. 2010 was my first year trading and I ended up with a loss on my account of day $3,000. Now most of my losses have a same contract (identical property) being bought and sold 30 days before or after the sale of the loss since I am day trading. for instance say I took the following trades. March 1 2010 - Buy MAR CL 2010 at $80.10 a barrel, sell at $80.15, I now have a capital gain of $50, I wont include broker fees in my example. Next trade is a loss March 2 2010 - Buy MAR CL 2010 contract at $82.15 a barrel and sell the contract at $82.05, So I get a Capital loss now of $100 Since I took a trade within 30 days before the loss, this loss now becomes a superficial loss according to the CRA and I add the loss to the ACB of the substituted property. So in this situation is the substituted property the trade on March 1? Do I now add the $100 loss to the price of the trade on March 1? I get different answers it seems from the cra. one rep I called who is supposed to know more then the others told me the second trade will indeed become a capital loss as long as I do not buy the same contract back 30 days AFTER the loss. but why does the superficial loss rule on the cra website state 30 days before/after the loss? Wouldn't the trade on March 1 make the March 2 trade a superficial loss?
I wouldnt even worry about all that.just declare the 3k loss as capital loss and then next yr you will have this as a credit to your gains.if you are worried then declare as income then you will have the full 3k as a carryforward loss instead of 1500.simple!!
Isn't this suppose to 'elite' traders. Only newbie trader or hobby investor trader would ask such a question. Elite Trader: A website for paper traders, wannabee traders, teen traders, retired pensoner trader, and homebased traders or known as locals.