Comments on: How do the tax laws work with playing the forex market with a US broker and being a Canadian resident? http://gomegaxrayreview.com/gomegaxray/how-do-the-tax-laws-work-with-playing-the-forex-market-with-a-us-broker-and-being-a-canadian-resident GOMEGA XRAY tests and reviews. Download the New Forex Expert Advisor from Quantum Research Fri, 10 Apr 2009 09:26:51 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: CCC http://gomegaxrayreview.com/gomegaxray/how-do-the-tax-laws-work-with-playing-the-forex-market-with-a-us-broker-and-being-a-canadian-resident/comment-page-1#comment-66 CCC Sat, 21 Mar 2009 02:50:08 +0000 http://gomegaxrayreview.com/gomegaxray/how-do-the-tax-laws-work-with-playing-the-forex-market-with-a-us-broker-and-being-a-canadian-resident#comment-66 <a href="http://GoMegaXray.org">GoMegaXray.org</a> go to the us and see canadians. there are special rules for you folks. GoMegaXray.org
go to the us and see canadians. there are special rules for you folks.

]]> By: T E http://gomegaxrayreview.com/gomegaxray/how-do-the-tax-laws-work-with-playing-the-forex-market-with-a-us-broker-and-being-a-canadian-resident/comment-page-1#comment-65 T E Tue, 17 Mar 2009 15:55:15 +0000 http://gomegaxrayreview.com/gomegaxray/how-do-the-tax-laws-work-with-playing-the-forex-market-with-a-us-broker-and-being-a-canadian-resident#comment-65 <a href="">Forex robot <a href="http://gomegareview.com" title="forex MT4 expert advisor winning trades">LIVE trading</a> results</a> 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”. Forex robot LIVE trading results
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”.

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