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How tax laws work with playing the currency market with a U.S. broker and being a resident of Canada?
I 'm currently immersed in the foreign exchange market and using a U.S. broker. How will I be taxed on my income, and what Happened if I lose money this year, is it a capital loss? How it works in regards to tax laws with the brokers to be United States?
Your tax return for dealing with a broker the U.S. is the same as dealing with a broker EUR that the statement revenue and transactions should be translated into Canadian dollars. Regarding your quesion of whether your loss would be a capital loss depending on whether your "game" in the FX market constiute an investment or a business. There is no provision in the Act that specifies whether a foreign exchange gain or loss is in the form of income or capital. An investment is generally in a position to buy and hold, while the company is in a situation where you are well informed and perhaps with insider information, a lot of time spent each day and many buys and sells during the day or week, etc. Please see the CRA IT-95R "gains and losses. http://www.cra-arc.gc.ca/E/pub/tp/it95r/it95r-e.txt
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