HELP

[akis]

HELP I need help I am a day trader I work from home I buy and sell stock the Canadian federal income tax is auditing me, the federal does not accept that I am a daytrading is (personal) they want me to declare it as a business did anyone have the same problem? please help me and tell me what to do. I thank you all in advance

[DCA]

I have had the same problem.  I would suggest a good tax lawyer.  The other alternative is to get out your cheque book for the government.  If, as your posting would seem to indicate, your primary income is from stock market investments they have probally got you.

Good Luck.

D

[akis]

ok guys i have very bad news for all day traders  i got burned by the federal tax please make sure how you declare your gains to the goverment for more information please contact me 

[efficient_frontier]

I know it is possible to open a business such as numbered company Inc and trade within the shell of that company to lower the tax rate on returns. There are some conditions that must be met however.

I know having what the CRA dub's "specialized knowledge" such has being a CFA Charterholder can help bolster your case.

A good tax lawyer will know what to do. Money well spent IMO.