The $7000 would be considered a capital gain. The capital gain is claimed by completing schedule3for the current tax year, to report eligible capital gains from all sources. Once calculated, 50% of the total is transferred to line 12700 of your tax return as your taxable capital gain amount. If you'd like to know more about claiming capital gains, here is a great article by TurboTax. For additional information please see our TurboTax article: How to Calculate Capital Gains When Day Trading in Canada.
