|
PureBytes Links
Trading Reference Links
|
-----Original Message-----
From: wong
Date: Sunday, April 04, 1999 2:18 PM
Subject: tax stuff - in Canada
>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
You are right. At that time, there was also a half million lifetime cap
gains exemption. That was later reduced to $100,000 then eliminated. Cap
gains are included in income at 75%, same with cap losses. Cap losses can
only be applied to cap gains. If you are part time trading and losing
money, you would be better off to include them as income, 'cause then you
can at least write them off against income.
Incorporating means that your trading would be treated as operating income
and taxed as dividends on any income you withdrew. Dividends get better
treatment etc. but individual circumstances would be the most important
determinant about whether it would be a benefit to you. See an accountant.
~Alan
|