I have not read this whole thread but I chatted with FXsol last week and they told me they are not required to send out 1099's or any tax forms currently. They do expect that to change soon but that at the moment it would have to be on the "Honor system". I am very surprised by this.
- #122
- Nov 4, 2006 2:43pm Nov 4, 2006 2:43pm
- Joined Mar 2004 | Status: Magic Man | 3,220 Posts
Relax and be happy.
don't quote me on this... but apparently in Canada and many other countries, trading is not a capital gain if it is your major source of income.
(I am not sure if it would be treated as a capital gain if you were just making a few bucks on the side, read the articles and speak to tax advisers... but in many countries this is the dividing line.
There are some countries that have no taxes on capital gains or low taxes. Or even no taxes on capital gains profits from trading. But for many of these if you look at the fine print in their tax codes, it says that if you trading is your main source of income then it is income, not capital gains)
There is no way around the Canadian Tax System. They have the General AntiAvoidance Rule and other such dirty tricks
So going offshore does nothing.
You just have to move to another country if you want to avoid them (difficult for people with physical assets in Canada... i.e. a house, a wife, etc.).
UK guy: apparently people in the UK do spread betting fx to avoid taxes? There is a lot of info in this in moneytec I think.
(I am not sure if it would be treated as a capital gain if you were just making a few bucks on the side, read the articles and speak to tax advisers... but in many countries this is the dividing line.
There are some countries that have no taxes on capital gains or low taxes. Or even no taxes on capital gains profits from trading. But for many of these if you look at the fine print in their tax codes, it says that if you trading is your main source of income then it is income, not capital gains)
There is no way around the Canadian Tax System. They have the General AntiAvoidance Rule and other such dirty tricks
So going offshore does nothing.You just have to move to another country if you want to avoid them (difficult for people with physical assets in Canada... i.e. a house, a wife, etc.).
UK guy: apparently people in the UK do spread betting fx to avoid taxes? There is a lot of info in this in moneytec I think.
- #129
- Dec 7, 2006 6:54am Dec 7, 2006 6:54am
- Joined Mar 2004 | Status: Magic Man | 3,220 Posts
Relax and be happy.
wow I had the exact same question. I herd rumore of you being taxed on 1/2 your gains....but a good answer would be nice.
I have also heard of a few ways to avoid taxes....you just got to find a way to get the money without it touching your bank...such as a e-gold car and cash it out...probobly not legal....but who will know?
I have also heard of a few ways to avoid taxes....you just got to find a way to get the money without it touching your bank...such as a e-gold car and cash it out
...probobly not legal....but who will know?
wow I had the exact same question. I herd rumore of you being taxed on 1/2 your gains....but a good answer would be nice.
I have also heard of a few ways to avoid taxes....you just got to find a way to get the money without it touching your bank...such as a e-gold car and cash it out
Maybe some full time Canadian traders can shed some light on this?
- #140
- Jan 25, 2007 4:07am Jan 25, 2007 4:07am
Look at the crappy tax code we have to put up with in America.
Why don't we get rid of all this BS and replace it with the FairTax?
The FairTax is a consumption tax everyone pays one time, at the retail level. It replaces income tax, capital gains tax, social security and medicare tax, corporate income tax, and the death tax. It completely untaxes the poor because all spending up to the poverty level will be tax free.
The US tax code is so complicated it's estimated that the cost of complying with it is 400 billion dollars a year. Lets get this albatross out from around our necks by supporting what I believe is the single most important piece of legislation on the Hill.
FAIRTAX
Why don't we get rid of all this BS and replace it with the FairTax?
The FairTax is a consumption tax everyone pays one time, at the retail level. It replaces income tax, capital gains tax, social security and medicare tax, corporate income tax, and the death tax. It completely untaxes the poor because all spending up to the poverty level will be tax free.
The US tax code is so complicated it's estimated that the cost of complying with it is 400 billion dollars a year. Lets get this albatross out from around our necks by supporting what I believe is the single most important piece of legislation on the Hill.
FAIRTAX How you act is more important than how you feel.