Hi all, I need advice how to handle accounting for day trading through his private corporation for tax purposes. Briefly, my client contributed his own funds in CAD and converted it into USD in his online brokerage account upon transfer into it. During the fiscal year (non-calendar year) of the co…

@yours.harry There are some options re: how to record such transactions in the client’s books and records, but your questions indicate that the necessary decisions have not been made - that is, the corporation’s management (possibly the same person as the director and/or shareholder), needs to make…

Since the director could potentially go to jail (12 months) in addition to the fine of $25,000 pursuant to S238 for his present failure to comply with S230 on behalf of the corporation, I would very strongly suggest that the bookkeeper advise the director to run, not walk, to a meeting with the corp…

Good point. We are here to provide SUGGESTIONS to TC users, we cannot COACH. Taxcycle is very informative/instructive.

Thanks Nezzer for your guidance !! I finally able to sort it out. You are right… not all CPA’s are tax experts… Myself is a CPA too, but I don’t consider myself as a tax expert. Cheers, Harry

Reporting of income for Day Trading through corporation for tax purposes

Tax Topics

joe.justjoe1 December 15, 2021, 1:17am 6

As i alluded to before - I give up.

.
The director sounds like a “short-cutter”.

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Reporting of income for Day Trading through corporation for tax purposes

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