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cbowles19611
New Member

My husband day traded for the first time in 2020. Made $7,000. No tax forms issued. Where do I report the income?

 
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AHMiah1
Level 3

My husband day traded for the first time in 2020. Made $7,000. No tax forms issued. Where do I report the income?

The $7000 would be considered a capital gain. The capital gain is claimed by completing schedule 3 for 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
 
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