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Futures - Trade gain or loss reporting to CRA
Posted: 19 Mar 2017 03:36
by invest2008
I gave received trading results from my US broker for trading future contracts of ES (E mini S&P 500) which only gives gross P&L and commissions but When I am using Ufile tax software. it shows that I need to put cost or book value and proceeds of disposition. Can someone help me how can I resolve this issue to report to CRA for tax return.
How I put data fee and other fee charge by US broker AND Wire transfer fee charged by my Canadian bank.
Thank you
Re: Futures - Trade gain or loss reporting to CRA
Posted: 19 Mar 2017 11:21
by deaddog
Make sure your own records agree with the brokers and use that information.
Re: Futures - Trade gain or loss reporting to CRA
Posted: 19 Mar 2017 22:17
by invest2008
Thanks deaddog.
But how I report to to CRA using my tax software which requires to put cost value or book price and disposition cost (Sale value).
Thanks
Re: Futures - Trade gain or loss reporting to CRA
Posted: 19 Mar 2017 23:14
by deaddog
What I did in the past is use 0 as a cost base for a profit, and the profit amount as the proceeds of disposition . Deduct commissions as outlays and expenses.
If you have a capital loss the use the loss as cost base and 0 as the proceeds of distributions.
As long as you have a paper trail showing your trades you should be OK.
Also keep in mind the exchange rate. Be consistent with your method of calculating the exchange rate.
I use the average monthly noon rate from the Bank of Canada website.
Re: Futures - Trade gain or loss reporting to CRA
Posted: 20 Mar 2017 01:16
by invest2008
Thank you very much deaddog.
The data fee charge by broker and wire transfer fees charge by Canadian bank should be added in expenses related transaction right?
Re: Futures - Trade gain or loss reporting to CRA
Posted: 20 Mar 2017 22:26
by deaddog
invest2008 wrote: ↑20 Mar 2017 01:16
Thank you very much deaddog.
The data fee charge by broker and wire transfer fees charge by Canadian bank should be added in expenses related transaction right?
Don't know about transfer fee but I claimed data fees