Personal Finance

accountant for taxes (day trading)

  • Last Updated:
  • Jan 25th, 2021 1:04 pm
[OP]
Deal Addict
Jun 21, 2016
3114 posts
1069 upvotes

accountant for taxes (day trading)

Decided to do some trading in a margin account and am wondering if anyone has any recommendations for companies that specializes or is familiar with tax advices/accounting for day traders & filing taxes for business income, as well as the eligible tax deductions/business expenses.

My "accountant" (just does my taxes, not a CPA), doesn't do taxes for day trading. Looking for someone to manage/file my taxes for the day trading income.
Any suggestions are welcome and appreciated, thanks.
4 replies
Member
May 12, 2003
371 posts
238 upvotes
GTA
pm sent.

I've used Royal Group Accounting: (647) 200-6488 for my family's T1s and we get complicated, from business income to rental income
Deal Addict
Feb 12, 2004
1599 posts
204 upvotes
Didn't know you need a specialized accountant to do that. Doesn't CRA just tax you over the T5 submitted by your broker?
[OP]
Deal Addict
Jun 21, 2016
3114 posts
1069 upvotes
thanks for the suggestions

anyone heard of fbc.ca?
Deal Addict
May 16, 2017
1593 posts
2011 upvotes
bigbug wrote: Didn't know you need a specialized accountant to do that. Doesn't CRA just tax you over the T5 submitted by your broker?
CRA doesn't tax anything - they use forms to review/audit what the taxpayer files and as a record of pre-paid/tax-witholding amounts.

That said, the issue is that day-trading is more often than not "business income" NOT "investment income".

https://www.fbc.ca/blog/calculating-tax ... ing-canada

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