Slava Posted March 9, 2021 Report Share Posted March 9, 2021 How do I file profit and losses from day trading of stock options on my TD direct trading account? Quote Link to comment Share on other sites More sharing options...
TheTaxSmith Posted March 10, 2021 Report Share Posted March 10, 2021 Hi Slava. You need to add a self employed business statement. Quote Link to comment Share on other sites More sharing options...
Saltoback Posted August 3, 2023 Report Share Posted August 3, 2023 It's been a very long time, bur that's a good question. I wonder myself Quote Link to comment Share on other sites More sharing options...
Raymond5 Posted August 4, 2023 Report Share Posted August 4, 2023 In my experience, you'll need to check your account for a detailed transaction history. Look for all your day trades and calculate your gains and losses. You can then use this info for tax reporting. Remember, I'm not a tax expert, so it's always a good idea to consult one for accurate advice. But generally, keeping track of your trades and staying organized will make tax time less stressful. Also, you can use Immediate Edge for better trading results. Good luck! Quote Link to comment Share on other sites More sharing options...
Geo123 Posted August 4, 2023 Report Share Posted August 4, 2023 Hello Raymond5, FYI : A day trader is a person who makes their living buying, selling securities. The Canada Revenue Agency looks at several factors to define investment professionals for purposes of taxation. If a taxpayer is using day trading as a way to earn or substantially supplement his income, he is not eligible to claim capital gains, and its advantageous tax rate, on those investment earnings. A person who works in the investment industry and makes frequent short-term investment turnovers, such as a stockbroker, for example, may be considered a day trader as well. The CRA looks at several factors to consider if a taxpayer is in the business of buying and selling securities. A professional investor will have many buying and selling transactions. Knowledge and experience with securities markets and transactions and time spent analyzing markets and investments also identify those engaged in investment as a business. Purchases may also be financed on margin or other debt, and the shares purchased generally won’t pay dividends. OF note, each securities transaction generates a T5008 slip, which identifies the purchaser by name and social insurance number, so the CRA can monitor. The size of the capital gains claimed may also factor into the determination that the taxpayer invests as a business. capital gains through Schedule 3 Quote Link to comment Share on other sites More sharing options...
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