100 Replies to “Day Trading Taxes in Canada 2020 | Day Trading in TFSA Account?”

  1. Isn't the money in long term investing and not day trading? It is for me anyway and a tfsa you wont have to worry about any of this.

  2. A's stand for average for Asians. That got me ROFLMFAO. But very good coverage of the topic. Taxable income is always open to interpretation by the CRA (IN THEIR FAVOUR) and you covered the bases very well. So basically, ask yourself, what is the worst outcome that I have, and that is the one the CRA would choose. Simple.

  3. Just checking to see if perhaps you asked your CPA this already…Is it possible to have separate accounts? e.g. One account(s) for day trading taxed as business income, and a separate account(s) for long-term capital gains (taxed as capital gains?)

  4. yes, you're right. I knew a fellow who ran his TFSA up to near $200k (due to fast and furious trading) within less than 2 years of the government bringing in the TFSAs, and then he got a call from the feds regarding his trading status and tax implications.

  5. Super useful video for all Canadian fellows who trade daily as a self employed business. Love the facts that we can use tax write offs such as mortgage interest(not the mortage monthly payment) property tax, property insurance, utilities(water,gas,power,sewer,garbage), internet, cell phone. platform monthly fee, commissions, borrow fees and computers equipments. Just measure your total SQ.FT of your working space and divided by your home's total square footage. Dont forget to attach all the trade statements to CRA. LET THEM see each of our trade records(such a fun job they do hey..lol)

  6. Fuck our greedy ass government…. I'm beyond sick of having their greedy hands in my pocket. Our government's goal is to take as much as possible leaving us with just enough to get by.

    Government needs our money so they can give it away to people who don't want to work and other countries… meanwhile we have to sit in an emergency room for 8+ hours if we need to see a doctor. #1 Country in the world… MY ASS! I should have stayed in South Korea… or maybe move to Finland, Norway or Sweden.

  7. I hate the CRA, they are a bunch of thieves. I just started trading forex, and being in alberta, our wonderful securities commission decided unless you have 2 million in assets you can't access any regulated brokers. I have to go offshore. I'm disgusted by our government and anything surrounding it.

  8. HT, get an extra hour of sleep every day by moving to Calgary. Homes cost 1/4 of the price there are rents are maybe 1/2 to 1/3 of YVR. The air is cleaner and there are much fewer Chinese drivers, so it's safer to walk the streets. Or just move to Toronto, save an extra 3 hours of sleep every day because we are on NYC time. Pay less for rent or a home here in YYZ than YVR and you can go to the NBA games. Cheap flights of less than $100 one way from Abbotsford to Hamilton, Ontario, which is a 45 minute bus ride to downtown Toronto. You can teach people how to to trade at night because you now have 3 extra hours to yourself in this time zone. Great subway and intercity bus system all around the Toronto area. You can get by without your Lambo and Toronto YYZ airport has more non-stop international flights than any other city in North America. Fly to NYC, DC, Chicago or Montreal in just 1 1/2 hours. Virtually every Broadway play comes to Toronto and the world's largest fresh water beech is just 125 km away. And best of all, there has never been a Saskwatch sighting in Toronto, so you won't get eaten. Book a cheap flight to Hamilton or Toronto on Hotwire. May is usually nice weather and not too many tourists then.

  9. what kind of % return are you able to make a year trading. your making 60 70 trades a day. your obviously right into the businessI have money to invest do you offer to invest other people's money

  10. Day trading in a TFSA will disqualify you from the benefits of tax avoidance because that is considered to be actions of a professional or business. Best to play it safe with Low risk low yield bonds or certificates or go long in an undervalued underappreciated asset class. Think not where the money is, but where it will be going.

  11. "Is trading income considered capital gains income, or business income". Who the hell cares?
    WHY in world would you conduct a business and reside in Canada , doing something you could also do in a tax haven???
    Are you crazy??
    You don't even have to FILE taxes if you lived in Belize or Panama.

  12. How can governments claim taxes from people with no income or barely 5000$ a year… The whole system is a joke really…

  13. And what about trading losses is the Canadian government repaying you these losses? Could they be a bunch of steeling opportunist???

  14. Hilarious, taxes for social benefit. Taxes on income goes to pay interest on debt. Very little of it goes to any social benefit. Have you seen the state of our streets? We built this Country mostly without any income tax because taxing labour is slavery and now we are just debt slaves.

  15. I only have one thing to say… spend 1$ and remember that in 30 years youll need to invest and turn that 1$ into 30$ to keep using that 1$ when you stop working.

  16. Hi. Thank for the video. I have been trading from my TFSA for about 2 years. I will definitely try to make less transactions now. My questions are: I initiatly put the max amount allowed in 2018. My account has now over $100,000 which is more than the contribution limit. Am I still able to add this year's $6000 contribution allowance on top of what I have? Also if I am to withdraw money from my account is there some steps and procedures I have to take? Thanks 😊

  17. Learning about how my trading affects my TFSA. check.
    Hot Asian video. check

    Looks like we got everything on my list done today.

  18. Nice. This video came at just the right time and was very helpful since I just stared getting into swing trading in my TFSA.

  19. So basically CRA is a pimp. You make the money CRA gets a cut without doing anything. If you don’t pay, they send you something in the mail saying ‘Bitch, you better have my money’.

  20. I think this is a major misconception. People think that long term investing is not time consuming. That’s very wrong. I spend 60 to 70 hours per week studying different business model and doing channel checks. Yet I place less than ~4 buy/sell order per year. There is very little chance for you to beat the market if you spent only several hours a week. If you have another job, buy index.

  21. Very good video. There are no tax slips generated for TFSAs, so the CRA cannot easily challenge your day-trading activities in your TFSA unless they launch an investigation.

  22. hey nice video. my question is this: I have a small amount in tfsa about 20k. I buy bank stocks at the end of every month and drop 1000 dollars into an index fund. I also buy some penny stocks from time as well. if a penny stock turned out to be a ten bagger would u have to report that? what do u think is the maximum u could gain in a tfsa (not from day trading but appreciation alone) before u drew the ire of the CRA?? thanks in advance for the reply. 🙂

  23. In many cases, CRA only cares about 3 things:
    1) how much you made from trading- if it is worth their while, they will try to get more from you.
    2) their own resources at that moment in time…man power required vs. Amount collected.
    3) your willingness to not give in to false accusations and keep fighting.

    In many cases these 3 things matter most.

  24. Overall the video was very well done. Unfortunately in Canada you have to pay an accountant to get this kind of information because CRA will not provide it. In fact a lot of the rules on this topic CRA makes up on the spot and for the most part is administered very unevenly. For example when/if you ask them how many trades you have to do before they consider it income than capital gains they will not answer. They refuse because there is no actual number. Many of the rules around this subject actually go against the rules on Capital gains taxes in the first place. Often CRA to build a case will fabricate information to try to make it look like the tax payer is doing something wrong when in fact they are not. Instead of reference actual tax law they reference information bulletins (sad). It will not be long before you will have to pay tax on selling your primary home so get ready. They have already started collecting information on this. CRA is improperly and probably illegally over taxing Canadians.

    One of the main reasons why individual traders should not be charged income on their "day trading" activity is because business who do this for clients (who are making 100s of trades per day everyday) are allowed to have their clients only be charged for capital gains taxes. Therefore they are given a privilege that everyone should have access to. CRA decision on this is not democratic and is a violation of your rights to be treated equally. Everyday our government is making the playing field unequal where the rich get more rights than the majority middle class who are stuck paying higher taxes.

  25. Hello HT, I day trade S&P daily here in vegas and like your videos very much, also like your cheese jokes, 🙂 by the way I love to chat with you as a friend and share trading ideas or jokes

  26. its a big grey area. id say do not file the odds the CRA cointacts you is 2%. and they only go back up to 7 years. worst case you hit up a lawyer and settle with them. how are they gonna prove how much time you spend "studying" the market?

  27. Hello, Would you be able to cover corporate vs. sole proprietorship options? Does registering a corporation provide any advantages? Thank you for the informative channel.

  28. broker commissions can be applied against capital gains in the ACB calculation. if you did in fact capture Tesla at $200, congratulations, I missed that one!

  29. You are very funny and informative, keep up the good work. Not many good people out there. You are one of the few good ones.

  30. Hey, thanks for the great tax info! Not sure if you can answer this but….let’s say I make 20K in profits in trading on the year, and I decide to keep it in the broker account to keep reinvesting, would I still need to report that income to CRA? Or does it only get reported if I withdraw it to my personal RBC,CIBC, account etc…thanks again for the great vids you provide!

  31. im full time nurse Im long term investor .. paying taxes helps us have the greatest healthcare system in world.
    taxes are also paying for your grandparents income now ..
    true patriot pays taxes 🙂

  32. I rarely subscribe. I subscribed to wake up 1 of my 2 sons. The 27 yr old is depending on me to make all his trading decisions. My 23 yr old already works at a bank / trades / taking courses on becoming a financial advisor, hustling, etc. He bought TSLA at $224 on his own. Same parents. WTF ? They're both doing VERY good with their portfolios. Because I still choose most of their securities. 27 yr old is happy working at a Loblaws & playing video games ? (Butcher's assistant) Not looking for a better job or open his own business, like I did at 32. Now I'm 55 & trade often. P.S. I know what he's up to. He's probably thinking. I'll just wait for Grandma to die, my wife's parents too, then parents & I'm set. So no worries. Note* 27 yr old bought Aurora at $13 !?? Thank god I told him, ONLY $300 on that !! Not the usual $2000 $3000 & it's Canadian. So no biggie. Actually he did buy AMD at $26 & we sold it today at $54. Just thought of it. So a little credit there. Lol. (But he wanted to hold it longer) #Frustrated #Venting

  33. Like liked and subscribed!! First time viewer and looming forward to seeing more.

    Gotta question: are there any general pros/cons trading in other accounts ie, RRSP vs RESP vs Margin vs Cash?

  34. So that's why my family disowned me, as well as they forgotten me forever…
    I thought D stood for Damn Proud.. And F was Fantastic,
    Screw them if they can't take a joke… LOL

  35. What about opening a TFSA on Questrade to buy dividend stocks for long term and possible one may 2 per quarter for growth. I thought that was tax free?

  36. CRA said there is no high frequency trading in TFSA account but they never said how many trades will consider as high frequency. Please never do day trading in TFSA!!!!!!! many of clients got letters from CRA and they have to pay the penalty also their room got canceled

  37. Anyone have any good software suggestions to automate tax tracking for day trading in Canada @humbletrader

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