Need Help - Do Businesses who generate Forex income have to pay GST/HST to the CRA (Canada)
Hey guys, I'm a total noobie here and can't seem to find the answer to this question anywhere. In Canada, if you incorporate yourself and run your trades through your business and earn business income, do you also have to pay GST/HST to the CRA as another business would? I am asking this question because for my current job, I am incorporated (different field) and charge GST/HST, which then goes to the CRA. However, seeing as this is Forex, would it be the same? It's not like you can collect GST/HST from the market....lol Essentially I'm trying to see what is the best option to save my profits going forward. This scenario is based on generating 500K/year in profit via trading:
Claim Capital Gains - 50% of the profit will be taxed at your marginal rate (Until how long though? At what point will the CRA consider it business income instead?)
Sole Proprietor - Income is taxed at the personal income tax rate and you can also claim expenses, in addition you do not pay GST/HST
Incorporated Business - Income is taxed at the corporate tax rate, you can claim expenses and pay yourself dividends (even lower tax rate), BUT - Do you have to pay GST/HST as well?
Sorry for the stupid question, the answer is probably no, but I want to be sure. If I don't have to pay GST/HST then I think registering as a business is a no-brainer. In fact, you can save more money than purely capital gains up to a certain point. Not to mention all the tax-hacks you can have like using the business' money to buy yourself a home completely tax-free in Canada, if you know how to do it. Essentially I'm seeing the best way to pay myself 100K/year while saving the other 400K, to then take it out tax-free on a future home. But yeah, do businesses have to pay GST/HST? Thanks everyone.
How much do you have to make to file for taxes on Forex income?
do you have to just make less than what your state requires for taxing? So let's say I made 2k trading but my state says I don't have to file taxes unless I make 3k or more, then do I not have to file?
I'm a newbie still learning the in's and out's of Forex. Just curious on how Forex traders are taxed. I'm assuming you get a tax form from your broker that says your net profit then the IRS taxes you a some percent. Can someone fill in the details on how it all works. Thanks Forex community! Edit: I live in the US
In Alberta, it's near impossible to be regulated to trade Forex. Many Albertans trade Forex with overseas brokers. I'm wondering, are there any Albertans who have claimed Forex income on their taxes? What was the outcome?
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I receive EITC and don’t want forex screwing it up. I can not have more than few K of investment income with this. So, is Forex profit income or investment income? Bonus question: We must pay tax on this. Does the 15.3% SS/Medicare self employment tax apply to Forex income?
Im planning to move to Canada, currently i live in my home country we don't have taxes here on forex income , when i opened my trading account i stated im x nationality and i live in x (my home country) , when i move to Canada if i want to withdrawal from my trading account should i do it directly from my trading account to my bank account back home and then to my bank in Canada, or should i transfer it from my trading account to my bank in Canada, and what is my stand on taxes in both cases
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Is it realistic to make a small side income from Forex?
I have a decent paying job but would like to make a bit of extra money on the side from trading as it seems interesting. Is Forex trading a realistic way to achieve the goal of making around £200 per month? And if it is achievable do you think it would be worth the time invested into research/analysis etc. I am a beginner and am just starting with babypips
Boas, este mês decidi fazer uma experiência com o forex, perdi a amizade a 1000€ e investi em um robo de forex que basicamente tens um pc ligado 24h, 5 dias por semana e aquilo vai fazendo trades automáticas. Investido os tais 1000€ o robo no mês de Agosto rendeu 162.05€ ou seja +16% Sendo assim se eu tivesse investido 10000€ tinha feito 1600€ Sera que da mesmo para viver disto? Vou continuar com os meus 1000€ investidos e no próximo mês logo digo mais alguma coisa. Vinha só expor esta minha experiência, não estou a dizer que o forex é viável mas também acho que as pessoas criticam sem experimentar. Não vale a pena comentarem a dizer "Mais um enganado com o forex" que eu estou só a fazer esta experiência e se eu tivesse falta dos 1000€ que investi não tinha vindo para o forex. Cumprimentos.
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If you elect to report FOREX income under IRC S.1256, 60 percent of the income is treated as a long-term capital gain and taxed at a lower rate than ordinary income. The remaining 40 percent is considered ordinary income. If you make a profit trading FOREX in the coming year, IRC S.1256 tax reporting will result in a lower tax rate. Forex Income Compared to Real Estate Income Compare that with something real estate where someone might have to risk a great deal more to achieve the 2.5% gain. For example, you could spend 100k or more purchasing a house, and in trading, you can earn 2.5% with a much smaller investment by opening an account for as little as 1000. How to Report FOREX Profits & Losses. Investors can trade on the changes in foreign currency value through a FOREX account. Gains and losses between the currencies are tracked using a special ... Aspiring forex traders might want to consider tax implications before getting started. Forex futures and options are 1256 contracts and taxed using the 60/40 rule, with 60% of gains or losses ... In the U.S., forex brokers provide leverage up to 50:1 on major currency pairs. For this example, assume the trader is using 30:1 leverage, as usually that is more than enough leverage for forex day traders. Since the trader has $5,000, and leverage is 30:1, the trader is able to take positions worth up to $150,000.
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