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Trading Taxes
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Trading Taxes

  #1 (permalink)
Just starting out...
Canada
 
Futures Experience: Beginner
Platform: NT
 
Posts: 6 since Dec 2010
Thanks: 0 given, 1 received

Trading Taxes

I had a question about Futures Trading Taxes. As a rookie trader, this is my first year day trading part time. Overall for the year I have took about a $500 loss on my account. Basically I would just like to get some input on the best way to go about filing my taxes for next year with regards to trading. I have been told a Capital Gains/Loss would be the best way to go for a new trader. reading the Canadian CRA It also states that speculators may file a capital gains/loss.

The only thing confusing me with this is the Superficial Loss rule. It states buying back a security within 30 days of a loss, will cancel out that loss. So as a day trading, I am constantly buying/selling say gold contracts, so would all of my losses be pretty much be canceled out if I took a trade within 30 days from my loss?

Any advice here would be appreciated thanks.

 
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Site Administrator
Manta, Ecuador
 
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Please repost your question in The Tax Thread if it isn't answered there already. I am closing this thread to prevent a split topic.

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