Trading Software costs for Tax Purposes

Discussion in 'Taxes and Accounting' started by GotherL, Feb 20, 2017.

  1. GotherL

    GotherL

    I've read that when reporting any broker fees for the cra you just add it to your capital losses. What about fees from trading software EG. Trade Ideas, TC2000 which are not part of my broker! Are you allow to report this?
     
  2. dealmaker

    dealmaker

    Do you qualify for trader status IE 720 trades per year, each trade 31 days or less?
     
  3. GotherL

    GotherL

    If that included the sell side then I do qualify for trader status this year. I am just gonna leave it out as I didn't spend much on trading software and since I live in Canada the tax rules may defer anyways from what your suggesting.
     
  4. dealmaker

    dealmaker

    Consult a CPA....
     
  5. More needed. 'if' you get audited you need to prove to tend to make a living at this and dedicate a substantial amount of capital and be actively trading 3-4 days per week. I keep records on everything incase I get audited.
     
  6. dealmaker

    dealmaker

    720 trades per year over 252 trading days is 3 trades per day...