Hi,

I am considering to buy and sell forex - just the way one buys and sells stocks using TD waterhouse.

If I make a "profit" on this, do I need to pay any taxes at the end of the year?


Thanks

No matter how you make "money" ..U MUST share it with CRA ..
( depending on your total income )

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Growing Old Is Mandatory ..Growing UP is Optional

They are our life's partners. I call them the blood suckers.

Yes, there is a relief for you. Which is 50% off. Then the tax on the other 50% at your marginal (going) rate on the balance.

If your rate is say 50%, then you will be paying them only on the other 50% which will amount to 25% of the total gains.

http://en.wikipedia.org/wiki/Capital_gains_tax#Canada

Hope this helps you a little.

Freddie.

Quote:

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Originally posted by jigneshm569

Hi,

I am considering to buy and sell forex - just the way one buys and sells stocks using TD waterhouse.

If I make a "profit" on this, do I need to pay any taxes at the end of the year?


Thanks

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A lot of 100K is not necessary. There are many players (Oanda is one such example) where the lot can be as small as you'd like.

Stay nimble and stay lucky!!!.

Rgds

Newboyo

Quote:

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Originally posted by newboyo

A lot of 100K is not necessary. There are many players (Oanda is one such example) where the lot can be as small as you'd like.

Stay nimble and stay lucky!!!.

Rgds

Newboyo[/quote

Correct. You can play with 10,000 or even 1000 lots. You have to select mini or micro account.
Best of luck.