I posted this earlier for Canadians, but will repost so you can print and have available for your accountants.
Most accountants have little to no experience with currency traders, so you will need this Information which I recieved from Revenue Canada, and not a web site or another persons Interpetation. This is REVENUE CANADA talking, a real person.
Under Canadian tax laws we are subject to taxes under Regulation P4037, Section 17, paragraph 12-15. This directly relates to currency traders and tax Implications.
In basic English, its as follows: (Example only) You take your 1 million from selling your Dinars, divide by two. No tax on first $500,000 or 50%. From the second $500,000 Minus your Investment money, say $1000.00. then minus $200.00. The remainder you pay tax on based on your yearly tax rate.
The $200.00 is the exemption allowed for say, you were on holidays and came back with leftover cash. Value jumps and you make a tidy some of say $300.00 over the cost of what you paid for it.
By law, that extra $100.00 must be claimed. Would most claim this small amount? Doubtful, but it is still the law.
As well you have 364 days, before claiming your windfall. This will give you the time to top up RRSP's, and any other legal financial hiding spot.
Remember, pay your taxes and move on, let the other guy/gal look over there shoulder the rest of thier lives.
I am not an accountant, nor a financial advisor, just someone who spent way to many hours talking with Revenue Canada.
Now hit the print button, in a couple days were all rich.
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Thread: Canadian Tax Laws
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15-10-2006, 01:57 AM #1
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