Why frims are not allowed to take a risk deposit ?

Discussion in 'Prop Firms' started by hippietrader, Aug 11, 2009.

  1. I know a few americans that trade with Canadian firms, I don't know about taxes though ...

    I'm pretty sure they file it as independant business income.
     
    #11     Aug 13, 2009
  2. couscousk

    couscousk

    it is in fact filled as an independent contractor and the firm does not send your info to the IRS. you are then responsible to file your taxes...
     
    #12     Aug 14, 2009
  3. Anyone knows of any Canadian firm who accepts Americans who not Landed Immigrants in Canada?

    US regulators banned risk deposit, but now the so called "prop firms" will take in enormous "trading fees" insteead.

    Better deal for the firm, worse deal than an honest "risk deposit" for the trader.
     
    #13     Aug 14, 2009
  4. Solid.
     
    #14     Aug 15, 2009
  5. Golden, Global Market, Title, etc
     
    #15     Aug 15, 2009
  6. from what i've read, that's a huge plus. YOU have no capital at risk, pay high commish rates, get paid out at 50-60% of profits but your a PROP trader. go figure.
     
    #16     Aug 21, 2009
  7. zx12

    zx12

    Quote from couscousk:

    it is in fact filled as an independent contractor and the firm does not send your info to the IRS. you are then responsible to file your taxes...


    Just curious, if firm does not send a 1099 to the IRS. How does the IRS know how much you made with them? Answer=they don't!:D
     
    #17     Aug 21, 2009