Investing

Need help finding an accountant and software

  • Last Updated:
  • Nov 11th, 2020 2:01 pm
[OP]
Newbie
Oct 1, 2013
34 posts
23 upvotes

Need help finding an accountant and software

Does anyone know an accountant, ideally in GTA, who understands and has experience with options and tax implications of options trading? Also, looking for bookkeeping software for trades. I'm already using excel, want to see if there is something better out there. Thanks.
4 replies
Newbie
Jan 23, 2017
43 posts
16 upvotes
etobicoke
Tax implications of Trading Options - If you're actively trading them - they are considered to be at the Marginal Tax rate (ie: same as employment income)
If you're buying options to hold for a minimum of 6 months - You're eligible to use the capital gains exemption...

If you're planning to do options trading - it is very easy for the CRA to pull up your T5008 slips...

Note: Never trade options in your TFSA... You'll get dinged big time!
Sr. Member
Jul 5, 2008
811 posts
504 upvotes
absolutguju wrote: Tax implications of Trading Options - If you're actively trading them - they are considered to be at the Marginal Tax rate (ie: same as employment income)
If you're buying options to hold for a minimum of 6 months - You're eligible to use the capital gains exemption...

If you're planning to do options trading - it is very easy for the CRA to pull up your T5008 slips...

Note: Never trade options in your TFSA... You'll get dinged big time!
That's based on what? I buy/sell options in my TFSA's. All about the trade count not what you buy/sell if you are thinking that CRA will want something from it. No red flags... no problems.
Newbie
Jan 23, 2017
43 posts
16 upvotes
etobicoke
shadowsteve wrote: That's based on what? I buy/sell options in my TFSA's. All about the trade count not what you buy/sell if you are thinking that CRA will want something from it. No red flags... no problems.
I agree with you. It is all about trade count.
Many options traders tend to be quick flippers. Scalping.
I believe that the rule of thumb is 30 trades (15 in and out) in 90 days.

Lots of information is available on Google about this.
Sr. Member
Jul 5, 2008
811 posts
504 upvotes
absolutguju wrote: I agree with you. It is all about trade count.
Many options traders tend to be quick flippers. Scalping.
I believe that the rule of thumb is 30 trades (15 in and out) in 90 days.

Lots of information is available on Google about this.
I disagreed with you saying "Never trade options..." which is an incorrect statement. It doesn't matter whether you churn the account with options or stocks, you should control the trade count in a TFSA (RSP doesn't matter).

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