IB Canada

Discussion in 'Retail Brokers' started by Fight Club, Mar 4, 2004.

  1. I have a question to canadian traders who uses IB:
    It's about T5008 tax form.
    In Box 21 Proceeds of disposition, is the amount in canadian or us dollars?

    Any comments?
     
  2. Every figure on the T5008 is in Canadian Dollars. If you need more information on the calculation of the proceeds, and the conversion done daily when non Canadian products are traded, please email help@interactivebrokers.com with specific discrepancies for them to investigate. These calculations, and figures, are checked thoroughly before production, and again before sending to customers.
     
  3. Thanks IB Salvatore,

    Do you work for IB?
    Does this email help@interactivebrokers.com go to US office or Canadian office?
    As I can see this is general email.
    Can they answer questions which are specific to canadian traders?

    Appreciate your help.

     
  4. I apologize for not being clear in my first response. I do work for IB. Please send your concerns to help@interactivebrokers.com ATTN:Salvatore in the subject and I will research and respond.
     
  5. help@interactivebrokers.com is our central email address. We internally direct inquiries received at this address to the appropriate group to respond.
     
  6. Momento

    Momento

    Those IB CANADA rep have not provided me with much help concerning ANYTHING I must say.

    Never were they able to provide me with answers concerning the software problems, technical problems, inquiries about the statements, funding and transfers... nothing!

    Now when ever I have a problem, I just call directly to the US headquater, since going thru the Canadian middle men is nothing but a waste of more precious time.
     
  7. Thanks Momento,

    Can US customer service answer specific questions concerning canadian traders, like canadian tax forms, etc.

     
  8. The rules require foreign currencies to be converted at prevailing rates in effect on the date of the transaction. Applying today's rate to the proceeds for the year will create large differences.
     
  9. I trade at USD base currency. That is my first experience with IB, but when I traded through canadian broker they did not convert any currencies.

    My annual trading summary would show proceeds in USD, but when I filed my tax returns I had to convert to canadian dollars according to average currency rate for the trading year.

    Salvatore, are you saying I have to go back and convert costs and proceeds for each trade, even if I trade in USD base currency?

    Am I missing something?

     
  10. Every figure on the T5008 is in Canadian Dollars. All proceeds are required to be converted on the day of the sale, at the rate on day of the sale.
     
    #10     Mar 4, 2004