Tax savings?

Income tax policy, rules, problems, strategy and software. Property and consumption taxes too.
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New24X
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Joined: 25 Sep 2017 14:14

Tax savings?

Post by New24X »

Hello,

I'm new to trading but would like to know how can I avoid getting taxed (or getting taxed heavy) on profits made through forex? Things I heard were trade through a TFSA or open a business account and trade through there and "donate" profits to a trust account? Can anyone confirm these ways and/or assist with more efficient ways to do so?

Thanks,
ES
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deaddog
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Re: Tax savings?

Post by deaddog »

New24X wrote: 25 Sep 2017 14:18 Hello,

I'm new to trading but would like to know how can I avoid getting taxed (or getting taxed heavy) on profits made through forex?
Thanks,
ES
First worry about the profits; The only people I know that make money in Forex are the guys selling "How to trade forex courses.

TFSA is probably the most tax efficient but there are stories of CRA classifying your trading as a business if you do too well.

I doubt TFSA will work with forex as I don't believe you can trade forex in registered accounts.
"And the days that I keep my gratitude higher than my expectations, well, I have really good days" RW Hubbard
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