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

  #6 (permalink)

Edmonton, Alberta
 
Trading Experience: Beginner
Platform: NT
Broker/Data: Continuum, Global Futures, Ironbeam
Favorite Futures: ES, CL
 
Posts: 7 since May 2016
Thanks: 1 given, 4 received


noobforlyfe View Post
Hey Adaisguy,

Thank you for this very informative and helpful post. Everything was clear except point number 4 and one other thing.

Did you open a TFSA US $ account at TD? and give that as your bank account information to global futures?

Also, when you mentioned to keep a note of the exchange rate. Do you note down what was the exchange rate for every day you trade?

If you keep a tab of all the trades you take, and so forth. What do you submit as a legal proof that these were your trades and this is the profit, this is the loss?


Thanks for taking the time to inform me as well, and help me out. I appreciate your time.

Best,

John

As for the bank, no you cannot fund it through a TFSA as far as I know. To get the money to Global Futures you need to send a cheque or a wire transfer. I opened a bank account at a TD Bank based in the US so I could fund my GF account using an ACH Wire Transfer (only available to US banks). If you don't want to open an account based in the US then you can send a wire transfer from your Canadian account - it just costs more to send and receive. TD in the US has an account with no fees as long as you keep $100 in there at all times.

I keep track of the exchange rates at the beginning of the year, the end of the year and whenever I make a deposit or withdrawal. CRA has a number of record keeping options depending on how much you trade. Just search the CRA website about Capital Gains in a foreign currency. I just happened to use this spreadsheet when I traded US option in a non-registered account and it seemed to work out well. As confirmation of your trades you can print out your statements from Ironbeam from their website. This is my first year so they may send out a tax form but it would be a US document anyway.

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