Palashe

Hey, I opened up a personal account since I'm trading (and filing taxes) under an individual (non-business). In your case, I would assume you open up as a professional if you are trading under a business entity. However, I would double check with IB to see what their definition of "professional" because it can be confused with a "pro" trader (IE. insider, director, spouse of insider, etc...) Currently, I'm trading as under "personal" and plan to file taxes under self-employed (if I make money LOL). This is because it's the simplest way so far. Once I get consistent and profitable with my trading, I'll eventually incorporate and file taxes as a corporation. The main benefits to doing so would be limited liability and decrease taxes. Some disadvantages would be cost and complexity for accounting (book keeping and tax reporting). I plan to do all the bookkeeping and tax reporting myself as I really don't trust accountants especially for the cost to pay them. In general, there are 3 ways to file day trading taxes as a Canadian: 1) Self employment 2)Business Income 3) Corporation **Also this is not to be confused with swing trading or investing as you can utilize a TFSA account for tax benefits. I'm talking strictly day trading.** Check out these resources for the details: https://bearbulltraders.com/course/technology-monday/lesson/broker-trading-platform-tax-services/topic/managing-taxes-for-canadians/

Hi John, In your webinar (around 20:41) you mentioned that you'd like to see the SPY in your direction AND you don't want to see a non-correlation between the stock and the SPY. Can you clarify this please? Thank you! https://bearbulltraders.com/course/strategy/lesson/introduction-developing-your-tradebook/topic/quantitatively-measuring-strategy-success/

Hi BBT Family!! I just wanted to start a discussion on Canadian Taxes and Business Structures. (Sorry, US neighbors but this may not benefit you but feel free to read if you like ). I understand there are many ways to file taxes and set-up your trading business structure so I wanted to hear from the community on how they do that works best for them and why. I think this would benefit the Canadian community (or any American's who are think of moving to Canada!). I'm about to go live in the next for weeks and would like to get some input from you guys/gals! I like to know what business structure you've decided to choose (Eg. Individual, partnership, corporation, etc.....) If individual, how you report your income depending on your business structure (Eg. Capital gains or business income). How you file your taxes (Hire a CPA or do-it-yourself). Any general comments, suggestions, tips, accountant referrals, tax software recommendations, etc.... Thanks, Steve