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BBT Club for Montreal area! English/French

  1. What's new in this club
  2. Bonjour, je suis sur messenger à tous les matins de la semaine. Je part un groupe de tchat BBT en français. Si vous être intéressé, vous n'avez qu'à répondre à ce post. bon trading!
  3. Thank you Karl. Nice to know we're a bunch of BBT traders in Montreal. Would be nice to meet some of you guys soon somewhere with a beer in hand...
  4. Hi Bruno! We were active prior to covid, about 2 years ago I planned a meetup in Mtl where some of members from the area came to know each others. Andrew, Peter, Norm, were there, was very nice! To answer your question, the group is as active as their members are... so right now on a personal level I'm less active that I was couple years ago, since I trade Futures instead of stocks, and I have other projects that kicked in since then, but I stick around anyway because all the same 'basic' principles applies no matter what you trade. So, I'm the 'owner' of the group just because I created it when I join BBT couple of years ago, but it's for every members of the group to make the group dynamic/active! Don't hesitate to create an event, the group as grown since I first created it, you might get some traction! Also you could check with Andrew when he plans to pass by Mtl next time and plan something around that! Even a team/zoom event could work, maybe safer since we never know in Qc the situation with gatherings/lockdowns depending on 'number of cases'.. If any member plans an event, I'll do my best to be there! Thanks! Karl
  5. Hi everyone at BBT Montreal, I live in Montreal and always thrilled to meet or chat with other day traders. Would love to know more about BBT Montreal. Are you active at the moment? Thank you, Bruno
  6. @TheKbSb thanks very much for the answers, it helps a lot. I have been sparsely monitoring this post and I personally messaged a few other active members based around Montreal, I guess and I got a few answers. One information might be useful for you as you are looking for a CPA. @FlourishingWeee shared their CPA service, you might want to reach out to them possibly. here is the link http://www.pbjm.ca/ . *** Also you might want to check out KPMG Montreal (514-840-2100) and inquire about private tax advisor/enterprise (I was fortunate enough to get in touch with Ryan Gertzbein , if you checked BBTs Canadian tax webinar hosted by peter , he brought on board 3 KPMG professionals, though they are Ontario based , Ryan was kind enough to provide a 1hr free phone consultation when I reached out to him about a few questions, he asked me I can reach out to KPMG and even mention BBTs webinar reference.) *** You can even consider dropping Ryan a line As for personal/business income. after discussion with Ryan, and in my case considering this is possibly going to be the major source of income, it possible to report as a business income but not incorporate (I would not be eligible for small business tax credit though), thinking of going that route , hopefully I can find reasonable success in day-trading to think of incorporation later once it is possible to ball park a consistent income. *** As for your answer to (3), about not worrying about superficial losses etc, I think you are spot on. From whatever materials I have come across and speaking to Ryan from KPMG on phone and asking these exact questions, to qualify as a day trader you need to check these boxes ( How often you hold a trade ->should be short enough, How often you trade -> Frequent, How much time you spend -> Quite a lot of time in trading and research, How substantial your day trading income is relative to other income -> As you describe, it is very LESS in your case relative to your other income sources) . So, even if you might check the first 3 conditions, you do not satisfy the substantiality test, which would mean that you are very right in reporting them as 'capital gains'. I don't think you are wrong in any way. Appreciate all the inputs, Bose
  7. Bonjour! Je vais perdre la personne qui faisait mes impôt cet année, alors je tombe en recherche également! On se tient au courant! Merci!
  8. Hi! Hope some members can provide you with answers, 1) I cannot recommend any CPAs at the moment because my Financial Advisor was doing them for me and starting next year he won't do them anymore, so I'll be looking for one myself as well. 2) Really a question depending on your individual situation... For my situation, my daytrading is a really small part of my total income, so personnally I just write them as realised capital gain/loss since I didn't create a business for my daytrading venture. Any gain/loss adds to my total personal yearly income. Not saying it's the right way to do it. It's just the way I do it because the money I make daytrading doesn't justify a business structure. To give you a concept example: let say I net 10k a year daytrading, 5k is taxable, so it adds 5k on my total revenu, that 5k will be taxable depending on my tax ladder level vs my yearly income. Again, this is my situation.. bottom line, a CPA/Financial Advisor will be able to see the best structure for your situation. The other thing too, goes back to the CPA/ you have to take in considerations all the gov. programs ex: child allocations, a change in structure or revenu can affect your overall net income. 3) Been trading for 7 or 8 years (can't even remember.. haha) never had issues with this concept, but again, maybe they don't bug me because my amounts are small or it's not my main income. All I do when it's tax season I 'print' all my transactions, so they have the details, and I put the total on my tax report.. I even think last year I never sent the details I just sent the total per stock. Not even sure if it's necessary to do this... but never had issues yet. Again.. not a recommendation.. it's just what I do. In my case, even if this way is the wrong way, you understand the impact is not as big as somebody who does this for living.. but it's something I want to ask myself to a professional when I find one. Sorry for the delay, I wasn't answering because I didn't think I would bring any added-value on what as been said, hope you get some better answers from our room members! Regards, Karl
  9. Bonjour à tous! Certains d'entre vous peuvent me recommander un bon comptable qui est familier avec les revenus de Day trading? Aux alentours des régions de Québec ou Montréal... Merci
  10. Hello Montreal BBT members... New member here and new to Quebec too. There is already an existing post on taxes which I found informative, but thought of creating another as I had a couple more specific questions -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1) I am new to trading, especially day-trading, members here any recommendations on CPAs in and around Montreal who does accounting/taxes for day trading businesses, familiar with an active trading business? I am finding it hard to find one 2) I believe any income on day-trades classifies as business income? Any preference on whether to operate a day-trading business via 'private incorporation' OR 'just an individual' and classify it as business income? 3) Regards to general day trading, one issue been bugging me all along is the concept of 'superficial loss rule/ wash sale in the USA', considering the style of trades ( at least in general), it is very normal to trade the same symbol for many successive days and sometimes book a loss , it would fall under the superficial loss rule, but how to report those or its a non -issue? If reported as a business income, Is it just end to end profit/loss what CRA is ok with for day-trading? I do see Andrew and many other mods on livestream exit a position at a loss and then reenter almost immediately when it validates an entry and exit with profits. All those trades, do they qualify under 'superficial loss rule'? If operating as a business can those losses be written off. Any thoughts from members who might have encountered trading the same symbol again and again, how do you guys report the losses if at all it is required? -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Any thoughts would be really helpful Thanks a lot,
  11. Tes frais comptables peuvent effectivement être tès élevé si tu fais affaire avec un professionnel. Est-ce qu'on parle de 1500-2000 pour 4 déclarations de revenus ou par déclaration? Si c'est pour les 4, malgré que ça semble cher, ce n'est pas excessif. Cependant, il n'a pas besoin "de suivre le coût moyen pondéré" pour les transactions d'un day trader. Si tu étais un investisseur à moyen-long terme, il devrait faire ça. Cependant, pour les déclarations d'impôt d'un "day trader", il suffit de prendre le total des ventes et des "achats" pour obtenir le revenu imposable (qui est imposé comme un revenu d'entreprise).
  12. La réponse peut être beaucoup plus complexe et complète mais au bout de la ligne, tu peux déduire tes dépenses directement reliées à ton trading contre tes revenus provenant de ton trading.
  13. Bonjour! Je ne l'ai jamais fait, honnêtement peut-être une bonne idée... je n'y ai juste jamais pensé, vu que le daytrade est loin d'être mon revenu principal, Faudrait demander à un comptable... dsl c'est la réponse 'classique', mais ça serait le mieux... surtout que je ne l'ai jamais fait moi-même.. je ne pourrais dire. Karl
  14. Bonjour! Désolé de m'insérer dans votre discussion, mais je me demandais si vous déduisez des dépenses de vos revenus? Je veux m'acheter un nouveau PC et je me demandais: Par exemple, si je gagne 85K de salaire + 10K en profit comme day trader, est-ce que je peux déduire des dépenses sur 95K de revenu ou juste 10K?
  15. Merci pour ta réponse rapide TheKbSb. Est-ce que ce serait trop indiscret de te demander avec quel comptable ou compagnie tu fais affaire pour tes impôts? J'ai bien peur que le comptable que j'ai trouvé soit un peu perdu en matière de daytrading. Je pense qu'il s'attendait à un style d'investisseur qui transige seulement quelques dizaines de transactions annuelles et non pas quelques milliers. Si d'autres personnes ont des choses à ajouter, toute information est la bienvenue. Merci!
  16. Salut Yann, J'aimerais te répondre, mais je n'ai jamais amandé plusieurs années, car je le fais à chaque année. Je ne sais pas si tu t'es créé une compagnie pour les revenu de daytrading.. peut-être corpo c'est plus cher.. mais de mon côté, ça fait 5 ans que je fais mes impôts qui incluent des daytrades, je n'ai pas formé de compagnie et le daytrade n'est pas mon revenu principal, ce que je fais c'est tout simplement un imprimé de toutes mes transactions avec le total annuel.(oui c'est beaucoup pages.. mais pas compliqué..) Normalement ton broker devrait avoir cet information facilement dans une section rapport.. certains ont même les papiers d'impôts déjà fait, il ne devrait pas faire cela ''à la main''. Je fais affaire avec 3 brokers différents et je sors les 3 rapports détaillés des 3 brokers. C'est peut-être au niveau de la correction des années précédentes vs tes revenus totaux qu'il y a du travail supplémentaire.. mais 2000$ je trouve ça cher, surtout que le calcul est déjà fait, mais c'est mon avis, je n'ai pas de comparable.. (je me fie à une math ex: 250 ou 300$/an * 3 ans.. peut-être 900$ a plus de sens.. mais encore.. J'espère d'autres auront des commentaires plus précis.. mais aucun problème de mon côté en 5 ans à envoyer le détail des transactions + totaux. Voici le genre de rapport que j'attache: (j'ai mis une partie du rapport mon compte dans le lequel je trade ES/MES/SPY) Merci, Karl
  17. Bonjour, C'est la première fois que je fais faire mes impôts en tant que daytrader. Je dois amender mes impôts de 2016, 2017, 2018 (pour y ajouter mes activités de daytrading) et faire faire ceux de 2019. Le comptable que j'ai trouvé voulait me charger entre 500 et 600$ pour faire tout ça mais après avoir vu mes relevés de transactions, il veut me charger entre 1500$ et 2000$ puisque le nombre de transactions est beaucoup plus élevé que ce qu'il avait imaginé et je cite "chaque transaction doit être évaluée afin de suivre votre coût moyen pondéré par actions pour chaque action afin de déterminer votre gain lors de chaque vente". Je ne m'y connais pas du tout en fiscalité mais je me demande s'il doit vraiment évaluer chaque transaction de cette façon, ça me parait un peu intense. Est-ce que c'est normal selon vous et est-ce que son prix de 2000$ vous semble excessif ou tout à fait normal? Ou peut-être avez-vous des recommandations pour un comptable spécialisé en daytrading qui saurait être plus efficace? Merci!
  18. https://forums.bearbulltraders.com/topic/1215-karls-journal-thekbsb/ Here's mine... I invite you to post yours as well! Karl
  19. A place where we can place the link to our trade journal. If we want to follow each other and how our trades are doing.
  20. Myself and the legendary PETER! @PeterD
  21. @TheKbSb Karl thank you for organizing this meetup! Guys, post your pictures here! Abiel
  22. Hi!! Just came back from our night, Just want to say a big thank you all! for coming! I hope you enjoyed your night as I did! Really nice to see we have a strong Mtl area community at BBT and I hope you were able to network and exchange numbers/contacts! Don't forget there's the Mtl Club if you want more events like these or breakfast with smaller groups, any ideas are welcome!! Thanks to all the admin who were there, @PeterD, @Norm, @WilliamH, really enjoyed our discussions. Special thanks to @Andrew Aziz who came even if he had a full set of plane issues. On a personnal note, I can attest that it's the first time that I'm part of a group where I get to meet the people talking to us on a daily basis (admins) and meet other traders in the chat, it shows the seriousness the entire community. Have a great summit tomorrow, Thanks again, Karl
  23. @AdaJoe Hahaha, don't know if Andrew is buying, it's his call, but it's always dangerous to open a tab on Friday night in Mtl, I wouldn't do it. lol Depending how many people end up coming but we should all leave with a least a hat or a t-shirt. (see picture above) Most importantly we will leave with great contacts! See you tomorrow! Karl
  24. Hi Karl, I just learned about this meet-up so I'll try to attend on Friday June 21. I can't say no to free beer from Andrew (he's buying right?) I don't have FB or TWTR so I get my info thru BBT. Au plaisir ! Joe Adams
  25. IT'S ON!!! Got the gears for our picture on Friday! Thanks to @Ryan W Looking forward to see you all! Thanks! ----------------------------------------------------- Fin prêt pour vendredi! Merci à @Ryan W pour les chandails et casquettes. Au plaisir de finalement vous rencontrer! Karl

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