November 4 - Jonathan Warren - Managing Taxes for Canadians

[Ryan W 76]

Please use this thread to post your questions before and after the Success Webinar!

Managing Taxes for Canadians

In this 1 hour webinar, Mr. Jonathan Warren will join BearBullTraders to provide some approaches that active traders in Canada can take to manage their trading with the goal of paying as little tax as is allowable. He will also have a Q&A session at the end of the presentation.

Jonathan has over 20 years of experience delivering tax advisory services and is a Tax Partner with KPMG, one of the world's largest and most influential tax and accounting companies.

Date :   Weds, Nov 4, 2020
Time :  8:00 PM ET
Location :  Webinar Room (Lifetime Members only)

[kuttab1973 0]

Thanks for organizing this. My question is related to Trading US Futures market (scalping). AT what rate the profits are taxed and would commissions be deducted as expenses? Thanks

[PeterD 49]

I've seen the advance material and this will be a great session to answer your questions. Please post any you have here and I'll get them to the presenters!

 

[JS 10]

Hi thanks for answering questions.

Based on my research, it seems that I have to claim as a full time trader to get any trading related expenses (office expenses, platform fee etc.) deducted. Is this correct? and does it make sense to incorporate from tax perspective? 

Thank you very much!

[TonyTrader 0]

1. Do you need to be officially registered as a business to declare trading as a business as a tax payer to get business costs offsets like office space, cost for trading software,etc.

2. Can you offset cost for DAS cost, educational training costs like cost for Bearbulltraders, scanner costs, ebooks,etc. 

3. If we are only trading US stocks, is it better or worse to make a USD bank account. Which bank accounts do you recommend for daytraders?Also on Interactive Brokers, there's an option to make base currency as CAD or USD. Which is better.

4.  Can you daytrade using TFSA or RRSP?

[Vic L 0]

I have accumulated capital losses over the past few years from long-term investments in energy related stocks (Capital Account). I have now started day trading and based on my frequency of trading, and the desire to write off trading expenses, I believe going forward I should be using "Income Account" method.

Going forward, how can I claim "Capital Account" for my long-term investments so I can take advantage of writing off future capital gains against past accumulated losses, but still use "Income Account" for my day trading activities? Can this be done by simply keeping long-term investments in a separate account or broker from day trading or would I have to form registered company to keep day trading separate?

Also, if I need to set up a registered "trading" company, since I started day trading in February 2020, what would be the deadline for setting up such a company?

Thank you very much for your answers!

[Vic L 0]

I currently live in Edmonton but have plans to move to Victoria by spring. What is the best way to find an accountant that is specifically experienced in day trading taxation and accounting setup? 

[TonyTrader 0]

1. If you are working as a trader in a prop firm, can you also trade independently under your own business name.  How would you manage both if working from home

2. If you're trading by yourself , what is the best or options for various business categories.  Also is there a deadline to register your business for the tax year.

3. Suppose (theoretically ) you start earning a lot as a day trader, can you employ your family to help with your trading business to offset taxes?  i.e assistance with research,etc.  Which sort of business do you need to register under in such an instance or is it necessary to officially register in such a scenario. 

 

[TonyTrader 0]

Do you get taxed on all your winning trades regardless or is the net income  i.e (gains-losses over the year)

[Rafael 0]

Hi, 

 

1) Scenario 1: If I had a job at the beginning of the year, no longer working  mid year and then decided to trade in simulation. Can my montly expense(25% for trading usage of rent & utilities) be used to reduce job income or to push these expenses in futur years?

 

2) Scenario 2:  Have a full time job &  trade part time. :  Can the monthly expenses for trading(25% for trading usage of rent & utilitie) be used to reduce job income or to push these expenses in futur years?

 

3) Can monthly or yearly or lifetime membership in a trading forum(BBT) to be considered as expenses required for trading?

 

Many Thanks.