Comments on: How do the tax laws work with playing the forex market with a US broker and being a Canadian resident? http://actlightning.com/forexrobot/forex-market/how-do-the-tax-laws-work-with-playing-the-forex-market-with-a-us-broker-and-being-a-canadian-resident Get A Forex Robot That Is Capable Of Doubling Your Money Every Single Month... Sun, 12 Feb 2012 06:22:05 +0000 http://wordpress.org/?v=2.5.1 By: CCC http://actlightning.com/forexrobot/forex-market/how-do-the-tax-laws-work-with-playing-the-forex-market-with-a-us-broker-and-being-a-canadian-resident#comment-452 CCC Tue, 23 Dec 2008 17:08:59 +0000 http://actlightning.com/forexrobot/forex-market/how-do-the-tax-laws-work-with-playing-the-forex-market-with-a-us-broker-and-being-a-canadian-resident#comment-452 go to the us www.irs.gov and see canadians. there are special rules for you folks.<br><b>References : </b><br> go to the us http://www.irs.gov and see canadians. there are special rules for you folks.
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]]> By: T E http://actlightning.com/forexrobot/forex-market/how-do-the-tax-laws-work-with-playing-the-forex-market-with-a-us-broker-and-being-a-canadian-resident#comment-451 T E Tue, 23 Dec 2008 16:49:59 +0000 http://actlightning.com/forexrobot/forex-market/how-do-the-tax-laws-work-with-playing-the-forex-market-with-a-us-broker-and-being-a-canadian-resident#comment-451 Your tax reporting for dealing with a US broker is the same as dealing with a cdn broker in that the income reporting and transactions should be translated in Cdn $. Regarding your quesion whether your loss should be a capital loss depends on whether your "playing" in the fx market constiute an investment or a business. There are no provisions in the Act which specify whether a foreign exchange gain or loss is on account of income or capital. An investment is generally in a situation of buy and hold, while a business is in a situation when you are knowledgeable and maybe with insider information, lots of daily time spent and numerous buys and sells during the day or week, etc. Please see the CRA’s IT-95R “Foreign Exchange Gains and Losses”. http://www.cra-arc.gc.ca/E/pub/tp/it95r/it95r-e.txt<br><b>References : </b><br> Your tax reporting for dealing with a US broker is the same as dealing with a cdn broker in that the income reporting and transactions should be translated in Cdn $.

Regarding your quesion whether your loss should be a capital loss depends on whether your "playing" in the fx market constiute an investment or a business. There are no provisions in the Act which specify whether a foreign exchange gain or loss is on account of income or capital. An investment is generally in a situation of buy and hold, while a business is in a situation when you are knowledgeable and maybe with insider information, lots of daily time spent and numerous buys and sells during the day or week, etc.

Please see the CRA’s IT-95R “Foreign Exchange Gains and Losses”. http://www.cra-arc.gc.ca/E/pub/tp/it95r/it95r-e.txt
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