Day Trading Taxes in Canada Day Trading in TFSA Account

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Get my FREE Trading Journal + Weekly watchlist: https://humbledtrader.com/free • 🔽Time stamps: • 2:32 Is day trading income business income or capital gains? • 3:50 CRA definition of day trading • 8:46 Pros Cons to filing as capital gains vs business income • 12:49 Day trading in TFSA • Trade with me: https://bit.ly/3xaWeee • How to file day trading taxes in Canada? Is day trading in TFSA account allowed? Is day trading income considered capital gains or business or self employment income? • While capital gains are 50% taxable, self employment business income are 100% taxable. • But you must file your trading income according to CRA rules and definitions: • 1. How often do you trade? • 2. How long you hold the trading positions for? • 3. How much time you spend on trading and market research? • 4. How substantial is the trading income? • Day trading in TFSA account. Is that allowed? • The short answer is NO. If your trading activity is considered business income according to the 4 definitions above. Tax free savings account is meant for long term savings and investing. • Some casual swing trading with options or stocks are allowed in TFSA. But talk to a tax professional first regarding your own situation. • The Canadian Revenue Agency will have access to all your trading transactions on form T5008. Please make sure to consult a CPA regarding your day trading taxes. • Resources referenced on Day Trading Tax Canada: • https://www.fbc.ca/blog/calculating-t... • https://turbotax.intuit.ca/tips/how-t... • https://business.financialpost.com/pe... • https://www.moneysense.ca/save/invest... • -------------- • My Trading Broker Platforms: • 📈Interactive Brokers - https://bit.ly/3bE82u4 • 📉Centerpoint Securities ($20-30K min) - https://bit.ly/3LKdlID • 📉TradeZero - https://bit.ly/htyt-tz • 🐂 Get FREE stocks with moomoo: https://j.moomoo.com/00zrJw • -------------- • 📈 Follow my Investment Portfolio on Blossom- https://bit.ly/3DyHuaF • ✅My REAL Social Accounts: • IG: / humbledtrader • TikTok: / humbledtrader • Twitter: / humbledtrader18 • FB: / humbledtrader • -------------- • DISCLAIMER: I am not a financial adviser nor a CPA. These videos are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. You must conduct your own research. I am sharing my opinion with no guarantee of investment gains or losses. • AFFILIATE DISCLOSURE: I only recommend products and services I genuinely believe in and use myself. Some of the links on this webpage are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. Commissions earned will be used towards growing this channel. • Humbled Trader FAM count: 52,600

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