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Question about Trading Taxes in Canada


Hi. This is a question for anybody who lives in Canada and trades futures or anybody who just happens to know this stuff.

How much (%) taxes is one expected to pay for trading the ES? Are there certain tax brackets? Do you pay taxes to the U.S. or Canada?

Any related information is also welcome.

Thanks in advance.
I have been swamped with emails regarding Traders and Taxation ever since i posted above.

I would kindly ask that if you have a question with regards to any of my posts that you ask them here in the forum, as I have been answering the same questions over and over again by email

I also remind you that I am not an accountant, I am just a trader... please get professional advice

With regard to the H.R 1068 proposed tax / user fee, I believe (from what I read) that IF it is passed it will be a fee at the broker level, so it will affect Canadians the same as it will U.S traders

Will it pass?? I have no clue, U.S congressional matters are not my specialty, I have no idea how many bills get passes vs. the ones proposed

What I do know is IF (and that's a big if) they do pass it, it will surely be too late to do anything about.

So I have signed the petition you mention along with others I have seen floating around. I have included a link to it on my website as well. (I wont include a link to my site for fear of being accused of spam)

I will say that if you are a Trader, there is no way you can sit by and do nothing.... careers will be in jeopardy.

Do what you can, sign petitions, call your broker, call your congressman....
GregW,

I do not know about the tax legislation, but for Canadian traders you can just ask UBS staff here or in Switzerland what is the best way to not pay taxes...scam like the Rich folks a la Madoff.

It that fails ask Tom Daschle and Tim Geithner ( I think these guys did not pay their taxes and were fighting the IRS, and one of these jokers is now in Obama's cabinet).

If that fails ask all former CEO's at all the prestigious Wall Street firms how they managed to make Billions in their pockets while the Companies they ran go broke and millions of people are without a job, completly broke, homes in foreclosure etc. I'm sure these "wise" fools can give advice on not paying your taxes...they are cheats after all.

So if you are a good guy you pay your taxes you go broke and the guys who don't pay their taxes ( have their money in UBS etc offshore) run Wall Street and the government destroy the economy and ask for bailouts!!!

The Depression is here and Wall street is going back to 1981 numbers on the Dow and S&P500 etc in 2009 or by 2011. Only thing that will save all you serfs is a revolt like they do in South Korea and Taiwan in their Congress.

And you thought your government was your friend all along!!! I wonder when the Amero will come to pass. I guess when everybody is on the street!!

People were better off when Russia was an enemey and we had the Cold War.

But hey, you got Free Trade and Globalization and NOW YOU ARE SO RICH!!! Well that's what old Ronnie Reagan and the rest of the clowns ( all presidents/government after Ronnie) told you and what we got was

Great Depression 2. Something smells...I guess I will ask Van Zant Brothers...'Oh that Smell" and it sure aint Whisky!!!
I just opened a futures trading account. I am just intend to trade E-minis.

However I was stunned by the message I got from my broker

"Your account has been approved and is pending funds. I have attached the instructions for wiring your funds. Please remember that all Canadian clients must fun with a minimum of $15000 USD per your government’s restrictions on opening futures account in the US"

Is there any such restrictions for Canadian residents? Years before I had a similar trading account, which had no restrictions like this.
I would like to get info regarding this before I speak to the broker.
BUZZ200 in my opinion there is no restrictions for Canadian traders. My broker can accept as low as $ 1000.00 fund to trade. So a a new trader hope you don't get a roller-coaster ride???
As a Canadian who is day trading US stocks using Interactive Brokers, do I need to file taxes in the US or anything along those lines?

Thanx, SD.
Originally posted by ROETrading

As a Canadian who is day trading US stocks using Interactive Brokers, do I need to file taxes in the US or anything along those lines?

Thanx, SD.


No. File taxes as you normally would but now it's capital gains/loss since it is technically self employment. Ask your accountant for more details. People who work at accounting places tend to get overwhelmed by the term day trader but it's actually quite straightforward. Make sure you keep ALL records of your transactions.

Source: I am in Canada and have successfully filed a tax return as a day trader. Not in jail...yet