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Canada
Posts: 6 since Dec 2010
Thanks Given: 0
Thanks Received: 1
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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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