frey_cc
New Member

How do I claim Forex/Indices/Commodity trades?

I trade FOREX/INDICES/COMMODITIES/STOCKS with my broker as EToro.com - I have very many transactions and would like to know what form to complete, and how to properly complete it if possible.  Thank you in advance for any assistance!!


taxnano
New Member

Getting started

How many transactions or regular paper pages do have? If it is more than a page I will not bother entering all the transactions. I would group the forex, commodities, and stock in different grouping and just have one total for each group. Your just have to keep your records incase CRA comes knocking!  I have personally done this with stocks whereby I had over ten pages and nothing has happened on several tax years. Btw, you will need to fill out a schedule 3 (capital gain/ loss form).
frey_cc
New Member

Getting started

Thank you so much for your response!!!  I have apprx. 50 pages. which list all the entry and exit points, and gain/loss in USD and a nice summary page at the start.  I want to clarify that I am doing CFD trades on forex/indices/commodities/stocks in case that affects your answer (I'm a newbie so my apology if what I'm saying doesn't make sense!).  Thank you for steering me to schedule 3 I feel like you've got me on the right path!  After reading schedule 3 I still feel a bit lost as to what category my trades fall under and how to fill out the form properly.  Any help you are willing to provide would be greatly appreciated!!
frey_cc
New Member

Getting started

Lets say I lost 3000 (my statement from the broker has all the math to show the bottom line how much I'm up or down taking withdrawls/deposits/fees/bonuses into consideration) is it as simple as entering "3000" in outlays?  How would I deal with the exchange rate since my trade account is USD?

Getting started

Be careful about superficial losses.  If you sell stock at a loss and buy it back within 30 days, it will trigger a superficial loss.  This amount must be added back to the adjusted cost base instead of being reported as a capital loss.

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frey_cc
New Member

Getting started

Hi, thank you for your response! I just wanted to clarify something - what I'm doing is CFD (contract for difference) with stocks - which to my understanding means I'm not really buying and selling stocks, just trading the difference in their value - does what you're saying still apply to me?

Getting started

I would suggest that you talk to an accountant, who can actually look at your documents and tell you exactly how to deal with it.  It's hard to say, while online, without the necessary details or expertise in specific investments.

Getting started

If someone was doing normal trading in Forex/Indices/Commodities, would both TT Premier CD and TT Premier Online handle the reporting of capital gains & losses? When does CRA think that a trader's activities have become a business rather than capital trades?

Getting started

This is interesting reading on some forms of trading.  If this does not specifically apply to you, it is likely that all forms of trading will follow the general guidelines.
http://www.cra-arc.gc.ca/E/pub/tp/it346r/it346r-e.html