Hey guys, I'm a new forex trader in Ontario Canada. Over here your gains are treated as income and are taxed as self-employment income. Are there any ways to reduce taxes other than writing off business expenses? Also, are you able to write off things like food expenses? Thanks a lot. EDIT: I thought this didn't have to be mentioned, but I'm looking for LEGAL ways to reduce taxes, lol.
I've been practicing on a demo account for quite a while now and was ready to bite the bullet and open a real account and start trading. To my surprise Alberta regulations with the Alberta Securities Commission (ASC) only allow accredited investors to trade with brokers regulated in Canada. And to become an accredited investor one would need an income of over 200k a year, or assets exceeding $5 million. As this is far out of reach for the majority of individuals including myself, I was wondering if anyone had any suggestions as to how I could start trading without having to move provinces. Thank you.
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Hey reddit, Struggling to find a decent broker that offers forex trading with CAD currency accounts. Only looking for small min. Deposits for such broker (roughly $250 CAD) can someone on this plz help? I've been looking at Forex.com but I'm iffy on signing up a live account with them because I also do not know how the withdrawal/funding of a trading account works either 🤔🤔
Need Help - Do Businesses who generate Forex income have to pay GST/HST to the CRA (Canada)
Hey guys, I'm a total noobie here and can't seem to find the answer to this question anywhere. In Canada, if you incorporate yourself and run your trades through your business and earn business income, do you also have to pay GST/HST to the CRA as another business would? I am asking this question because for my current job, I am incorporated (different field) and charge GST/HST, which then goes to the CRA. However, seeing as this is Forex, would it be the same? It's not like you can collect GST/HST from the market....lol Essentially I'm trying to see what is the best option to save my profits going forward. This scenario is based on generating 500K/year in profit via trading:
Claim Capital Gains - 50% of the profit will be taxed at your marginal rate (Until how long though? At what point will the CRA consider it business income instead?)
Sole Proprietor - Income is taxed at the personal income tax rate and you can also claim expenses, in addition you do not pay GST/HST
Incorporated Business - Income is taxed at the corporate tax rate, you can claim expenses and pay yourself dividends (even lower tax rate), BUT - Do you have to pay GST/HST as well?
Sorry for the stupid question, the answer is probably no, but I want to be sure. If I don't have to pay GST/HST then I think registering as a business is a no-brainer. In fact, you can save more money than purely capital gains up to a certain point. Not to mention all the tax-hacks you can have like using the business' money to buy yourself a home completely tax-free in Canada, if you know how to do it. Essentially I'm seeing the best way to pay myself 100K/year while saving the other 400K, to then take it out tax-free on a future home. But yeah, do businesses have to pay GST/HST? Thanks everyone.
http://twitter.com/forex_in_world/status/1269256080347090948USD/CAD: Canada’s international merchandise trade deficit widened in April https://t.co/qMooFTWy9t— FOREX IN WORLD (@forex_in_world) June 6, 2020
http://twitter.com/forex_in_world/status/1267370828020285440USD/CAD: Canada’s annualised gross domestic product (GDP) dropped in 1Q 2020 https://t.co/cZQlnWTgVT— FOREX IN WORLD (@forex_in_world) June 1, 2020
http://twitter.com/forex_in_world/status/1263717294901022726USD/CAD: Canada’s new housing price index recorded a flat reading April https://t.co/zh9Ochseq1— FOREX IN WORLD (@forex_in_world) May 22, 2020
http://twitter.com/forex_in_world/status/1263761414155579393USD/CAD: Canada’s new housing price index recorded a flat reading April https://t.co/tcbcRtQ57m— FOREX IN WORLD (@forex_in_world) May 22, 2020
http://twitter.com/forex_in_world/status/1263383371050295296USD/CAD: Canada’s consumer price index fell more-than-expected in April https://t.co/PKLMnKiLvz— FOREX IN WORLD (@forex_in_world) May 21, 2020
http://twitter.com/forex_in_world/status/1262041697019625472Chart Of The Day: Even As Oil Rebounds Canada’s Dollar Overcome By USD https://t.co/vbaqqqdLyt— FOREX IN WORLD (@forex_in_world) May 17, 2020
Forex trading in Canada is legal, and it is performed under certain regulations, and these regulations differ greatly from province to province. In Canada, Forex trading is reasonably regulated by authorities and various bodies. On the national level, there is no security regulator. Provinces in Canada have regulatory systems and frameworks ... The foremost advantage of choosing a Forex broker from Canada is the Canadian Investor Protection Fund (), which guarantees traders up to $1 million in case a broker goes into bankruptcy or if the parent company is liquidated for some reason. $1 million is a lot of money, especially when comparing it to the FCA of the UK that provides only up to £50,000 in compensation in the event a broker ... Forex brokers in Canada. At our website, https://www.forexcanada.ca, we make available series of information that can help the Forex trader to make the right trading decisions each time, especially with choosing a Forex broker since not all the Forex brokers out there can be trusted for top quality services.A Forex broker plays a major role in your success as a Forex trader, which is why we ... Forex trading. See prices on 70 major and minor currency pairs with two transparent pricing models. See trading. Currency converter. Access real-time rates for all the major FX pairs, plus up to 25 years' historical exchange rates across 38,000 forex pairs. See converter. FX Data Services. FXCM Canada Pty. Limited (FXCM) is a leading online forex trading and CFD broker in Canada. Sign up for a risk-free demo account and trade forex 24/5.
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