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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?

:D :D :D

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?

:D :D :D
Don't know about transfer fee but I claimed data fees