Day Trading Transactions Capacity

[geraldcruz]

Hi,

I'm fully employed and also day trade regularly. I'm filling out Schedule 3 and am trying to include every profit/loss transaction recognized this year but have run out of available space. Has anyone run into this issue? Is there another way to send these details to CRA?

Thanks,

Gerald

[ryan_ri]

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.   

[geraldcruz]

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

[TurboTaxSusan]

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. 

[geraldcruz]

Thank you!

[geraldcruz]

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,

[TurboTaxSusan]

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.

[geraldcruz]

Thank you al!!!