Just stumbled upon this: ARCHIVED - Commodity Futures and Certain Commodities

Is it just me or can most canadian futures daytraders on futures.io (formerly BMT) can be treated as "speculators", since we probably don't trade as part of an activity in a market related to that futures market. Hence, only having half of our gains being taxable?

Unless by default, if you trade indexes/financials, you cannot be considered a speculator?
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INCOME TRANSACTIONS

3. For taxpayers who take futures positions in, or who have transactions in, commodities connected with their business as part of their business operations, the trading in such futures or commodities creates fully taxable profits or fully allowable losses on account of income (hereinafter called "income treatment'). For example, this includes distillers who use certain grains in their business and also take futures positions in those grains.

4. Also accorded income treatment for tax purposes are transactions in commodity futures or commodities by taxpayers who, while not carrying on a business that utilizes a particular commodity, have access to special (insider) information about the commodity which they use to their benefit in one or more such transactions. For example, a senior officer of a sugar refinery who personally enters into transactions in sugar futures or sugar is included in this category.

5. Corporate taxpayers whose prime or only business activity is trading in items to which the comments in this bulletin apply are subject to the income treatment.

SPECULATORS

6. In this bulletin, a "speculator" is a taxpayer who takes one or more futures positions or acquires a commodity other than in the circumstances described in 3, 4 and 5 above.

7. As a general rule, it is acceptable for speculators to report all their gains and losses from transactions in commodity futures or in commodities as capital gains and losses with the result that only one- half the gain is taxable, and one-half the loss is allowable subject to certain restrictions, (hereinafter called "capital treatment") provided such reporting is followed consistently from year to year.*

I'm not a tax expert. I'd recommend talking to an accountant.

You won't get a T5008 from a US broker.

Report your gains/losses on schedule 3. One line showing your total cost, your proceeds and outlays(commissions) should be sufficient. The big thing is to have a paper trail so that you can justify what ever you report.

So one entry for the whole year's worth of trading per instrument?
Provided, I keep all papertrails. My clearing firsm (AMP) sends me daily and monthly statements will all trades taken which include the date, market, quantity bought/sold, contract description, trade price, currency and total commissions and fees.

These articles talk about commodity futures, so if you are trading CL maybe it applies. But does if apply when trading ES, NQ or index futures?

Also, in my previous post I posted a link about the day traders, so the capital gain may not apply.

All this is not clear to me, a lot depends on interpretation. If somebody has some definite rules for taxes on Futures trading and capital gain post it here.