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New Member
posted Apr 29, 2022 2:41:49 PM

How do I report money withdrawn from a currency trading account that has already been taxed?

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1 Replies
Level 4
Apr 30, 2022 7:02:11 PM

If it has been taxed either through this tax filing or tax filing for last year you simply do not have to report anything. It is automatically assumed that if you have been taxed on a capital transaction that it has been reported. Since the Canada Revenue Agency (CRA) can only tax capital through the Capital Gain/Loss reporting; which requires that you show:

Proceeds of Disposition - (Adjusted Cost Base + Outlays and Expenses) = Capital Gain/Loss

Therefore, You have shown your taxable capital gain or net loss, and you do not need to report it because you already have.

For more information, check out: Canada Revenue Agency - Capital Gain/Loss

 

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