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-----Original Message-----
From: wong [SMTP:whs@xxxxxxxxxxxx]
Sent: Sunday, April 04, 1999 4:16 PM
To: code-list@xxxxxxxxxxxxx; omega-list@xxxxxxxxxx
Subject: tax stuff - in Canada
<snip>
>For example, we don't distinguish between short-term and long-term capital
>gains.
>And if I remember correctly, about 25+ years ago, we were allowed to
>designate whether the gains/losses were to be regarded as capital gains or
>income.
<snip>
That's still the case now. I believe that the default status is to treat futures profits as capital gains, although I imagine that Revenue Canada could attack that if it was your sole or main source of income. An election can be made to treat any gains as ordinary income but, having done so, I believe that the decision is irreversible.
Andrew Nopper
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