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?
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?
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 08:40 AM.
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.
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.