Regarding minimum balance & taxes (Canadian / toronto trader) Ninjatrader | Reviews of Brokers and Data Feeds


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Regarding minimum balance & taxes (Canadian / toronto trader) Ninjatrader

  #1 (permalink)

Toronto , Ontario, Canada
 
Trading Experience: Beginner
Platform: Sierra Chart, SC
Favorite Futures: Emini ES, CL, USD/CAD
 
Posts: 423 since Jun 2016
Thanks: 1,331 given, 720 received

Regarding minimum balance & taxes (Canadian / toronto trader) Ninjatrader

Hello,

I am fairly new to the futures trading category and would like some advice and help on the following questions:

1) As someone who resides in Toronto, but wants to trade ES, how much money would you typically need to get started on Ninjatrader.
-(I.e., the minimum balance needed to start trading and if you go below that balance do you need to top it off to make sure you are always above or meeting the balance requirement?)


2) For tax purposes, how would it work? Does the broker send you a ("T4" ) at the end of the year and you just use that for income tax purposes? What is the tax rate applied in canada esp in ontario (toronto)? Do you have to submit any tax forms to IRS?

3) Since I would be trading on the US market, do you have to submit USD to open account or can you use CAD and trade? If you do CAD, then every time you make an entry and exit do you get charged for conversion fee?

4) Similar to Q#3, whatever profit or loss you make, it would be in USD so when the broker transfers the fund to your account, is it converted back into CAD?

Thank you for taking the time to read my thread and I hope someone can help me.

Best,

John

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