Tax question for Canadians

Discussion in 'Taxes and Accounting' started by elitetradesman, May 5, 2010.

  1. My last trade of the year 2009 went horribly wrong and I'm still stuck. I haven't closed my position.

    Before that trade, I'd had a small net profit, but with that trade which is still open, I have a net loss as of December 31, 2009.

    Most of the trades I've made are short sales, so they are treated as income.

    From a tax point of view, do I have a net profit or loss?

    Do I need to pay taxes even though I'm far underwater?

  2. I don't think you can claim an unrealized loss on your taxes. When you realize the loss this year, you can book it for 2010.
  3. Thanks, Kassz007.