Hi All,
An incorporated IT consultant engages in daily active forex trading with “Interactive brokers account” inside his corproation, he made $300K trading forex and only $80K from IT consultancy income in 2022.
Examining the facts, he actively trades on a daily basis, so this $300K income can’t be taxed as capital gain and would ve been taxed as business income if the trading account was open in his individual/personal income.
My question is, since the forex account is in the corporation name, and the funds used are corporation funds, would this $300K be eligible to the same CCPC/SBD reduced tax rate around 12.5%? are you aware of any CRA article that you kindly can share with me
Appreciate your thoughts