Need Help - Do Businesses who generate Forex income have to pay GST/HST to the CRA (Canada)
Hey guys, I'm a total noobie here and can't seem to find the answer to this question anywhere. In Canada, if you incorporate yourself and run your trades through your business and earn business income, do you also have to pay GST/HST to the CRA as another business would? I am asking this question because for my current job, I am incorporated (different field) and charge GST/HST, which then goes to the CRA. However, seeing as this is Forex, would it be the same? It's not like you can collect GST/HST from the market....lol Essentially I'm trying to see what is the best option to save my profits going forward. This scenario is based on generating 500K/year in profit via trading:
Claim Capital Gains - 50% of the profit will be taxed at your marginal rate (Until how long though? At what point will the CRA consider it business income instead?)
Sole Proprietor - Income is taxed at the personal income tax rate and you can also claim expenses, in addition you do not pay GST/HST
Incorporated Business - Income is taxed at the corporate tax rate, you can claim expenses and pay yourself dividends (even lower tax rate), BUT - Do you have to pay GST/HST as well?
Sorry for the stupid question, the answer is probably no, but I want to be sure. If I don't have to pay GST/HST then I think registering as a business is a no-brainer. In fact, you can save more money than purely capital gains up to a certain point. Not to mention all the tax-hacks you can have like using the business' money to buy yourself a home completely tax-free in Canada, if you know how to do it. Essentially I'm seeing the best way to pay myself 100K/year while saving the other 400K, to then take it out tax-free on a future home. But yeah, do businesses have to pay GST/HST? Thanks everyone.
How much do you have to make to file for taxes on Forex income?
do you have to just make less than what your state requires for taxing? So let's say I made 2k trading but my state says I don't have to file taxes unless I make 3k or more, then do I not have to file?
I'm a newbie still learning the in's and out's of Forex. Just curious on how Forex traders are taxed. I'm assuming you get a tax form from your broker that says your net profit then the IRS taxes you a some percent. Can someone fill in the details on how it all works. Thanks Forex community! Edit: I live in the US
In Alberta, it's near impossible to be regulated to trade Forex. Many Albertans trade Forex with overseas brokers. I'm wondering, are there any Albertans who have claimed Forex income on their taxes? What was the outcome?
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I receive EITC and don’t want forex screwing it up. I can not have more than few K of investment income with this. So, is Forex profit income or investment income? Bonus question: We must pay tax on this. Does the 15.3% SS/Medicare self employment tax apply to Forex income?
Im planning to move to Canada, currently i live in my home country we don't have taxes here on forex income , when i opened my trading account i stated im x nationality and i live in x (my home country) , when i move to Canada if i want to withdrawal from my trading account should i do it directly from my trading account to my bank account back home and then to my bank in Canada, or should i transfer it from my trading account to my bank in Canada, and what is my stand on taxes in both cases
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Is it realistic to make a small side income from Forex?
I have a decent paying job but would like to make a bit of extra money on the side from trading as it seems interesting. Is Forex trading a realistic way to achieve the goal of making around £200 per month? And if it is achievable do you think it would be worth the time invested into research/analysis etc. I am a beginner and am just starting with babypips
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