I conduct business as both a consultant and day trader. Reporting the professional income and expenses is straight forward. Day trading income/losses are not as evident.
Round 1 - I received T5008s for the stocks traded and entered them but received this warning:
There is a loss for at least one of the T5008 slips which you have reported as investment income. Loss is allowed only when investment activities are reported as business on self-employed statement.
Round 2 - Deleted the T5008 entries and proceeded to T2125. Entered the sale of the stocks as "Other Income" and the purchase of the stocks as "Other Expenses" then received this warning:
As your business (or combined businesses)has generated more than $30,000 of annual gross revenues,you are required to register to collect and remit GST. If you are not already registered, you should contact CRA.
What is the proper method in Turbotax for reporting a loss from day trading activities?
Thx.
