Forex Killer
Wednesday, December 31st, 2008

How to report profit/loss incurred from Currency Trading on Canadian Income Tax. Its not Capital gain or loss?

Hi,

How to report profit or loss incurred from Currency Trading on Canadian IncomeTax Return. It doesn't fall inot Capital gain or loss Category.

Please help

Line 130 of your T1. if it's strictly currency trading i.e. speculation on the exchange rate itself.

If the currency gain or loss is associated with a stock transaction (i.e. buying a stock in a foreign currency account, then selling it) then the currency gain/loss is part of the capital gain/loss.

powered by Yahoo Answers

Bookmark and Share
Share and Enjoy:
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google
  • blinkbits
  • BlinkList
  • connotea
  • De.lirio.us
  • Fark
  • Furl
  • LinkaGoGo
  • LinkedIn
  • MySpace
  • Propeller
  • Spurl
  • Technorati
  • TwitThis
  • Webnews.de
  • Yahoo! Buzz
  • YahooMyWeb

This entry was posted on Wednesday, December 31st, 2008 at 6:04 am and is filed under currency trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “How to report profit/loss incurred from Currency Trading on Canadian Income Tax. Its not Capital gain or loss?”

quizzard123 Says:
December 31st, 2008 at 11:35 am

No, you're right, it's not a capital gain or loss, it's Other Income. Fully taxable.
References :

neoplop Says:
December 31st, 2008 at 12:04 pm

Line 130 of your T1. if it's strictly currency trading i.e. speculation on the exchange rate itself.

If the currency gain or loss is associated with a stock transaction (i.e. buying a stock in a foreign currency account, then selling it) then the currency gain/loss is part of the capital gain/loss.
References :

badhat537 Says:
December 31st, 2008 at 12:32 pm

These are the things you should know BEFORE you trade currency. One of the trickiest investments around, recommended only for accredited investors. Part commodity, part equity, part global hedge fund.
References :

Leave a Reply

You must be logged in to post a comment.