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Canadian Tax Regs Day Trading Index Futures
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Canadian Tax Regs Day Trading Index Futures

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Canadian Tax Regs Day Trading Index Futures

Any Canadians out here intra-day trading index futures in the frequency of 2-20 trades per day? (ES, NQ, YM). I have already searched the site and found some discussions on this already, but without the qualification of exploring short term trading wherein the scrutiny of tax code would become more clear (I would think). I am looking for actual tax filing experiences here - not hypothesis'.

Curious to learn if other Canadian traders; when executing a high number of trades per day with no other income (salary or otherwise);

a) If they are filing as an individual if they are reporting as capital gains or income?
a1) In either scenario what was the result of the assessment by the CRA?
b2) If they managed to have the CRA allow them to be taxed under the capital gains umbrella and they are subsequently experienced improved yearly P/L (ie. $250K+ per year) has the CRA attempted to rescind that judgement and forced them to file as income instead?

b) If they file within a corporation are they able to report trading profit as income? (beneficial if making less than $500K per annum as it would fall under small business exemptions) or is the corporation subject to having to file as capital gains? (which unlike personal capital gains, under corporate tax code, the capital gains structure is more punitive)

I have read all sorts of claims that futures are always taxed at the capital gains rate for individuals, but I strongly suspect that an intra-day trader (2-20 trades per day) with no other income would almost certainly be taxed as income. But perhaps I am wrong. I am leaning towards rolling all my trading activity into a corporation, but would like to hear what others are experiencing in that structure before I do. Please, any Canadians out there chime in with personal experience.

Thanks Guys - 1st post here - hoping for some meaningful feedback - tax interpretation is a difficult beast and actual REAL reports are worth a heck of a lot!

Last edited by CharlieDeltaTango; May 6th, 2016 at 06:37 PM. Reason: syntax and additional clarity
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