Canadians trading as a business - Traders Hideout | futures io social day trading
futures io futures trading


Canadians trading as a business
Updated: Views / Replies:1,436 / 10
Created: by Richie Z Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Canadians trading as a business

  #1 (permalink)
Elite Member
Vancouver, BC, Canada
 
Futures Experience: Intermediate
Platform: NT
Broker/Data: Ninja-Traders Technology
Favorite Futures: 6E, ZN, CL
 
Posts: 41 since Aug 2011
Thanks: 115 given, 18 received

Canadians trading as a business

Hi there. I'm just outside of Vancouver, BC, and I'd like to open a thread where Canadians can talk about trading issues specific to Canadians--right now as i deal with my accountant and what can and can not be used as trading expenses, i'm interested in hearing from other's experiences dealing with RevCan as traders. Unfortunately Traders Accounting in USA does not deal with Canadian traders. My accountant says i cannot use trading room fees or charge trading courses against "the business"--any profits and losses are seen only as capital gains and losses. What about others? What is your experience?

Reply With Quote
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,697 since Oct 2009
Thanks: 3,041 given, 4,496 received


daytrading in Canada is seen as any other business as far as i am concerned. That's how i operate. Any expenses related to my business is removed from my profit. The rest is taxable.

Reply With Quote
 
  #4 (permalink)
Elite Member
Vancouver, BC, Canada
 
Futures Experience: Intermediate
Platform: NT
Broker/Data: Ninja-Traders Technology
Favorite Futures: 6E, ZN, CL
 
Posts: 41 since Aug 2011
Thanks: 115 given, 18 received

Business vs capital gains


trendisyourfriend View Post
daytrading in Canada is seen as any other business as far as i am concerned. That's how i operate. Any expenses related to my business is removed from my profit. The rest is taxable.

@trendisyourfriend
are you posting gains as capital gains or as business profit--perhaps that is the difference? i'm under the understanding that if speculator gains are submitted to revcan as capital gains/losses, the costs of charting services, trading courses, etc. are difficult to claim as expenses. how do you manage this?

Reply With Quote
 
  #5 (permalink)
Trading Apprentice
vancouver+BC/CANADA
 
Futures Experience: Beginner
Platform: CQG, Multicharts, NT
Favorite Futures: CL
 
Posts: 1 since Mar 2016
Thanks: 0 given, 0 received

Canadian using US LLC to trade futures with US FCM/broker?

Hi all, my first post (hopefully of many) and a reply to an almost 4 year-old post (almost to the day lol)

Am looking to trade futures especially CL from Vancouver, BC but having trouble selecting broker/FCM

-IB do not like the platform/feed
-RJO Canada is very pricey
-AMP has best rates and good platform CQG+Multicharts .NET (no platform fees for life!?) but will not take BC client (only Alberta & Ontario)
-Advantage seems good though not as cheap as AMP and not quite sure they will support CQG+multicharts .NET (especially with no platform fees)

My best options seem to be:

- create Ontario/Alberta corp
- create US LLC e.g. Nevada/Wyoming

and try to signup with AMP

As I am newcomer to futures trading and this forum, most of above must be taken with huge chunks of salt, I would appreciate all/any feedback especially from Canadians who may have travelled a similar road (successfully...?)

Thanks in advance.


Last edited by skeptomist; March 13th, 2016 at 09:40 AM.
Reply With Quote
 
  #6 (permalink)
Elite Member
Quebec
 
Futures Experience: Intermediate
Platform: NinjaTrader wt Rancho Dinero's profiling tools
Broker/Data: Stage 5 trading/AMP/CQG
Favorite Futures: ES, NQ, YM
 
trendisyourfriend's Avatar
 
Posts: 3,697 since Oct 2009
Thanks: 3,041 given, 4,496 received


skeptomist View Post
Hi all, my first post (hopefully of many) and a reply to an almost 4 year-old post (almost to the day lol)

Am looking to trade futures especially CL from Vancouver, BC but having trouble selecting broker/FCM

-IB do not like the platform/feed
-RJO Canada is very pricey
-AMP has best rates and good platform CQG+Multicharts .NET (no platform fees for life!?) but will not take BC client (only Alberta & Ontario)
-Advantage seems good though not as cheap as AMP and not quite sure they will support CQG+multicharts .NET (especially with no platform fees)

My best options seem to be:

- create Ontario/Alberta corp
- create US LLC e.g. Nevada/Wyoming

and try to signup with AMP

As I am newcomer to futures trading and this forum, most of above must be taken with huge chunks of salt, I would appreciate all/any feedback especially from Canadians who may have travelled a similar road (successfully...?)

Thanks in advance.

If nothing works for you, i'd try to trade with topsteptrader as a funded trader. This is a viable solution for some Canadians.

For creating a US company you can check this site though i have no experience with them:
http://www.corpomax.com/eindex.php


Last edited by trendisyourfriend; March 13th, 2016 at 11:12 AM.
Reply With Quote
 
  #7 (permalink)
Elite Member
North America
 
Futures Experience: Advanced
Platform: NT
Favorite Futures: ES,
 
Posts: 44 since Sep 2015
Thanks: 73 given, 86 received

I would avoid incorporation until your are consistently profitable trading futures.
But in the long-run, it is the best choice for Canadian day traders.
I like the idea of a foreign corporation, however you will lose CIPF protection.


It's good that you are aware that it is treated as a business.

There's quite a few Canadian day traders out there reporting everything as capital gains/losses.
And a lot of people using the TFSA in the same way.

If you're trading daily and it's your primary source of income, the CRA says you have a business and your profit is taxed as ordinary income.

I wish the CRA would publish proper guidelines for active traders. Everything they wrote on the subject is over 20-30 years old.

Reply With Quote
 
  #8 (permalink)
Elite Member
Vancouver BC/Canada
 
Futures Experience: Advanced
Platform: Ninjatrader, Jigsaw
Favorite Futures: Futures
 
Posts: 7 since Sep 2015
Thanks: 1 given, 1 received


skeptomist View Post
Hi all, my first post (hopefully of many) and a reply to an almost 4 year-old post (almost to the day lol)

Am looking to trade futures especially CL from Vancouver, BC but having trouble selecting broker/FCM

-IB do not like the platform/feed
-RJO Canada is very pricey
-AMP has best rates and good platform CQG+Multicharts .NET (no platform fees for life!?) but will not take BC client (only Alberta & Ontario)
-Advantage seems good though not as cheap as AMP and not quite sure they will support CQG+multicharts .NET (especially with no platform fees)

.

I have been through your struggle.
The best option for a broker I have found is Zumo. They also offer cqg data through Ninjatrader.
You need to contact them and talk with a sales rep.
I don't understand why BCSE makes it so difficult to trade futures in British Columbia.
Im a full time CL_F trader. Let me know if you want to chat.

Reply With Quote
 
  #9 (permalink)
Elite Member
Prince George BC Canada
 
Futures Experience: Advanced
Platform: IBs TWS
Broker/Data: IB
Favorite Futures: Stocks
 
deaddog's Avatar
 
Posts: 591 since May 2013
Thanks: 97 given, 643 received


skeptomist View Post
Hi all, my first post (hopefully of many) and a reply to an almost 4 year-old post (almost to the day lol)

Am looking to trade futures especially CL from Vancouver, BC but having trouble selecting broker/FCM

-IB do not like the platform/feed
-RJO Canada is very pricey
-AMP has best rates and good platform CQG+Multicharts .NET (no platform fees for life!?) but will not take BC client (only Alberta & Ontario)
-Advantage seems good though not as cheap as AMP and not quite sure they will support CQG+multicharts .NET (especially with no platform fees)

My best options seem to be:

- create Ontario/Alberta corp
- create US LLC e.g. Nevada/Wyoming

and try to signup with AMP

As I am newcomer to futures trading and this forum, most of above must be taken with huge chunks of salt, I would appreciate all/any feedback especially from Canadians who may have travelled a similar road (successfully...?)

Thanks in advance.

I'm curious as to your aversion to IB.
I've been with them since they opened in Canada.
I have day traded the e-mini's and never had any problems.

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
Reply With Quote
 
  #10 (permalink)
Elite Member
vancouver British Columbia/Canada
 
Futures Experience: Intermediate
Platform: Ninja Trader
Favorite Futures: CL
 
Posts: 82 since Jan 2013
Thanks: 1,119 given, 243 received


Hi all, I am curious what you guys who are trading daily use to keep track of your trades for accounting purposes? My accountant said it can be quite extensive as every trade needs to be recorded (purchase price and sell price) and exchange rate calculated on profits or loss daily. Even for 5-20 trades per day that sounds like it will eat up some time which is in short supply as I do this on the side after business and family responsibilities. Any experience of others would be appreciated.
Thanks

Reply With Quote

Reply



futures io > > > Canadians trading as a business

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Do all brokers accept Canadians? tammyd549 Reviews of Brokers and Data Feeds 42 March 7th, 2017 12:53 PM
Trading as a business? GaryD Psychology and Money Management 15 September 27th, 2011 02:01 AM
Trading as a Business ZTR The Elite Circle 120 December 23rd, 2010 05:14 PM
Trading Business Plan lipton80205 Traders Hideout 11 July 10th, 2010 09:31 AM
Trading Business Infrastructure MktWiz Traders Hideout 35 November 28th, 2009 12:36 AM


All times are GMT -4. The time now is 07:08 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-14 in 0.13 seconds with 19 queries on phoenix via your IP 54.226.227.175