Forex Canadian Tax Return

CCCP-eFeX · #1 (**permalink**) 05-01-2006, 10:31 AM

Hello I live in Vancouver, British Columbia. I am curious to know what form I have to fill out to claim my $1000 loss. Furthermore, if I were to open a partnership with my wife, what would be the benefits/negative? Or should I just open a proprietorship? I also have a regular full time job.

Thanks,

GreenTrader Tax · #2 (**permalink**) 05-01-2006, 02:39 PM

answered on the other thread where asked, thanks.

CCCP-eFeX · #3 (**permalink**) 05-01-2006, 09:06 PM

I am sorry, I could not find it.

GreenTrader Tax · #4 (**permalink**) 05-02-2006, 10:10 AM

I believe I answered your same question on the first thread up top. Here is a copy.

If you are a non-resident alien of the US - sounds like you are - then you may not owe US taxes, as it doesn't sound like you have US source income from trading forex with a US-based forex broker.

Learn more here http://www.greencompany.com/Educatio...Resident.shtml.

Forming a US-based entity may trigger US source income, so that may not be a good idea.

Consider a consultation for more indepth review of your issues if any.

We can not comment on Canadian taxation and rules.

maryjael · #5 (**permalink**) 08-11-2006, 04:08 AM

Is there anyone here who can suggest where to look for information on tax guide for Canadian traders? I tried looking online but there's nothing really for Canadian traders.

GreenTrader Tax · #6 (**permalink**) 08-29-2006, 01:11 PM

Email us at info@greencompany.com and we can give you a referral to a good Canadian CPA.

tradias · #7 (**permalink**) 02-21-2007, 07:04 PM

Hello,

I am a Canadian citizen but in US on a job visa nd have a W2 here . I trade currencies with a Swiss online broker , can i offset the losses i incurred from that activity against my W2 earnings and what is the maximum that can be offset

Regards

Vgpal

GreenTrader Tax · #8 (**permalink**) 02-22-2007, 03:58 PM

It depends if your forex trading is US income (or loss) or not. That depends on many factors. You need a consultation with us for that. http://www.greencompany.com/Traders/...nsulting.shtml

farrel · #9 (**permalink**) 12-29-2007, 07:10 PM

Hi,
I was wondering what is your idea about taxation on earnings from Forex managed funds. Are they in the same category?
I am a Canadian resident and don't pay US tax on Forex. Thank you.

GreenTrader Tax · #10 (**permalink**) 12-26-2008, 11:41 AM

Non resident aliens (of US) are not taxed on US trading accounts, whether self-directed or a managed account (with an outside manager); unless they spend over 183 days in the US. TRADER TYPES: NON-RESIDENT.

xiaoming1970 · #11 (**permalink**) 09-29-2009, 12:12 PM

Hi,
Currently I have a FXCM US account but I am planning to transfer it to a FXCM UK account to get Hedging option. When I report the gain/loss to IRS, do I need to report it to the tax department of UK too? Thanks for your advice.

GreenTrader Tax · #12 (**permalink**) 09-30-2009, 10:29 AM

We have not been able to get an answer yet in the UK about whether or not a US taxpayer living in the US (not living in the UK) needs to report any UK forex account information, and/or pay any UK taxes on that income.

We have asked some UK-based accountants and will also ask the UK tax authorities directly soon. We have not seen any conclusive answers to this question yet.

Our initial thinking is that as a non-UK resident (of any kind), the UK sourced forex account for an American is not taxable in the UK.

Americans are taxed on worldwide income and they need to report foreign bank accounts too. We think a UK-based account is a foreign bank account.

xiaoming1970 · #13 (**permalink**) 09-30-2009, 10:59 PM

Quote:

Originally Posted by GreenTrader Tax

We have not been able to get an answer yet in the UK about whether or not a US taxpayer living in the US (not living in the UK) needs to report any UK forex account information, and/or pay any UK taxes on that income.

We have asked some UK-based accountants and will also ask the UK tax authorities directly soon. We have not seen any conclusive answers to this question yet.

Our initial thinking is that as a non-UK resident (of any kind), the UK sourced forex account for an American is not taxable in the UK.

Americans are taxed on worldwide income and they need to report foreign bank accounts too. We think a UK-based account is a foreign bank account.

Thanks for your reply. And hope you can get a clear answer soon for us who live in US but may have trading account in UK broker. Have a nice day.