Canadian Taxes- How do I report my forex income? Please Help
I am from Canada, I was wondering if anyone could help me when it comes to reporting forex income on my taxes? I have been trading since 2010 and have put it off because I had never made a profit, but now I realize I should have reported it to offset future gains.
Hypothetically lets say:
2010- deposit $500 Loss: $500 = CAPITAL LOSS: $500
2011- deposit $300 , Loss: $300 =CAPITAL LOSS: $300
2012- deposit $500, Profit : 1500 =CAPITAL GAIN $1000
The CRA said I could go back up to 3 years to report a capital loss/ gain
Which box would # I report the capital gain or loss on my return?
I have printed out my statements, but does the CRA need any additional information? I just don't want to get in trouble for not reporting my gains.
Does anyone have a step by step guideline? I appreciate any help. Again I apologize if this is a basic question, I am still a rookie.[/size][/size]
So how are taxes for forex trading in Canada filed, if you make gains or losses etc please.?
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