Day Trading Transactions Capacity

Hello, thank you for your question. 

If the dispositions of your securities result in capital gains you can reach out to the institution of which you are trading with and request a realized gains/losses statement for the calendar year. Instead of detailing each and every disposition in Schedule 3, based on the aforementioned statement you can input the net capital gain/loss in one entry. 

However, I need to remind you that day trading can be considered by the CRA to be business income. There are a number of factors that must be taken into consideration to determine if this income is business income or capital gains/losses. I would advise reviewing this link for further information.   

Thank you for your reply!

I'm reporting a capital loss and received a Trading Summary from Questrade. They unfortunately don't provide a Realized Gains/Loss statement for the calendar year (I will try again).  Even the form provided doesn't convert USD amounts to CAD.

I have all the transactions summarized per year in CAD in excel. Would I be able to use the net calculated amount or do I need an official summary from my broker?

Thanks,

Gerald

You can use your own records to determine your gains and losses as well as any Trading Summary or T5008 slips that Questrade has provided you with. 

Thank you!

Sorry, final question on this matter from me.

I have too many transactions so I will need to put the net gain/loss in Turbo Tax. Where should I put this line? I am assuming one line entry in Schedule 3- can someone please confirm? What would you recommend putting under "Name of fund/corp. and class?" for this one line entry?

Thanks,

Yes, you can group transactions together, maybe name them Various or Questrade Transactions. In TurboTax CD/Download, you can also enter transactions on the S3 Supp worksheet, which gives you many more lines to work with.

Thank you al!!!