pokerplayer Posted May 23, 2011 Report Share Posted May 23, 2011 This is not mine, but came from my friend Bee. Copy and save as we are there I believe my fellow maple Leafs. pp I'm hoping we will need this Information real soon. This is Information that I myself collected. The reg's mentioned can be verified by an accountant. Most accountants have little to no experience with currency traders, so you will need this Information which I received from Revenue Canada, and not a web site or another persons Interpretation. This is REVENUE CANADA talking, a real person. Under Canadian tax laws we are subject to taxes under Regulation P4037, Section 17, paragraph 12-15. This directly relates to currency traders and tax Implications. In basic English, its as follows: (Example only) You take your 1 million from selling your Dinars, divide by two. No tax on first $500,000 or 50%. From the second $500,000 Minus your Investment money, say $1000.00. then minus $200.00. The remainder you pay tax on based on your yearly tax rate. The $200.00 is the exemption allowed for say, you were on holidays and came back with leftover cash. Value jumps and you make a tidy some of say $300.00 over the cost of what you paid for it. By law, that extra $100.00 must be claimed. Would most claim this small amount? Doubtful, but it is still the law. As well you have 364 days, before claiming your windfall. This will give you the time to top up RRSP's, and any other legal financial hiding spot. Remember, pay your taxes and move on, let the other guy/gal look over there shoulder the rest of their lives. I am not an accountant, nor a financial advisor, just someone who spent way to many hours talking with Revenue Canada. Now hit the print button, in a couple days were all rich, or at least I'm hoping we are. 1 1 Link to comment Share on other sites More sharing options...
LEXICON Posted May 25, 2011 Report Share Posted May 25, 2011 Apparently not too many Canadians on this site. Thanks for the info, much appreciated!! 1 Link to comment Share on other sites More sharing options...
Wicked Posted May 25, 2011 Report Share Posted May 25, 2011 This is not mine, but came from my friend Bee. Copy and save as we are there I believe my fellow maple Leafs. pp I'm hoping we will need this Information real soon. This is Information that I myself collected. The reg's mentioned can be verified by an accountant. Most accountants have little to no experience with currency traders, so you will need this Information which I received from Revenue Canada, and not a web site or another persons Interpretation. This is REVENUE CANADA talking, a real person. Under Canadian tax laws we are subject to taxes under Regulation P4037, Section 17, paragraph 12-15. This directly relates to currency traders and tax Implications. In basic English, its as follows: (Example only) You take your 1 million from selling your Dinars, divide by two. No tax on first $500,000 or 50%. From the second $500,000 Minus your Investment money, say $1000.00. then minus $200.00. The remainder you pay tax on based on your yearly tax rate. The $200.00 is the exemption allowed for say, you were on holidays and came back with leftover cash. Value jumps and you make a tidy some of say $300.00 over the cost of what you paid for it. By law, that extra $100.00 must be claimed. Would most claim this small amount? Doubtful, but it is still the law. As well you have 364 days, before claiming your windfall. This will give you the time to top up RRSP's, and any other legal financial hiding spot. Remember, pay your taxes and move on, let the other guy/gal look over there shoulder the rest of their lives. I am not an accountant, nor a financial advisor, just someone who spent way to many hours talking with Revenue Canada. Now hit the print button, in a couple days were all rich, or at least I'm hoping we are. Thanks very useful 1 Link to comment Share on other sites More sharing options...
Happy Man Posted May 25, 2011 Report Share Posted May 25, 2011 Basically your saying that its going to be taxed as capital gain.... Thats not what my tax advisor (fiscalist) told me and the interpretation is mostly left at revenu canada that can decide either revenu or capital gain taxation and given the circomstance I think they will lean towards revenu taxation. Not everyone in revenu canada will interpret the rules the same way. But at the end I will hire a good tax attorney, someone that good give me good advice but can also defend its point before revenu canada and follow his advice. I would love to have it all taxed as capital gain would take that over offshore even if offshore can be 0 taxation and just that you know thety can go back 5 years in time, So you need to be carefull because if revenu canada changes his mind they can come back and ask you for the other 25% first and then ask questions. Link to comment Share on other sites More sharing options...
Mama C Posted May 25, 2011 Report Share Posted May 25, 2011 Thank you I have been looking for Canadian information! Link to comment Share on other sites More sharing options...
Midx1 Posted May 25, 2011 Report Share Posted May 25, 2011 (edited) I would hope to hear the Canadian side for their expats residing overseas, seems the USA is the only one that nails us to the wall for foreign earned income. Have talked to some Europeans and seems they are tax free as long as they stay out of country for 330 days per year,, no limit on income. Edited May 25, 2011 by Midx1 Link to comment Share on other sites More sharing options...
Happy Man Posted May 25, 2011 Report Share Posted May 25, 2011 I would hope to hear the Canadian side for their expats residing overseas, seems the USA is the only one that nails us to the wall for foreign earned income. Have talked to some Europeans and seems they are tax free as long as they stay out of country for 330 days per year,, no limit on income. I have worked oversees and because I was away more than 2 years, I didnt had to pay taxes. Usualy you should have to pay the taxes in the country in wich u reside. Link to comment Share on other sites More sharing options...
familyguy Posted May 25, 2011 Report Share Posted May 25, 2011 thanxs for the info. I have looked into this and talked to accountants, by definition we fall under capital gains. Pokerplayer is correct. Another way to calculate is - 19% of total and that is your taxes. Link to comment Share on other sites More sharing options...
p71rock Posted June 8, 2011 Report Share Posted June 8, 2011 Thank you also! I have friends in Canada that are invested too and have search all over for them to no avail. Thanks I will pass this on to them. GOD Bless Link to comment Share on other sites More sharing options...
puckster_guy Posted September 6, 2011 Report Share Posted September 6, 2011 Good info Ty was wondering about Canadian rules and it's effects on our investment maybe we so get to keep most of it . Gla go tv go Link to comment Share on other sites More sharing options...
Happy Man Posted September 6, 2011 Report Share Posted September 6, 2011 thanxs for the info. I have looked into this and talked to accountants, by definition we fall under capital gains. Pokerplayer is correct. Another way to calculate is - 19% of total and that is your taxes. 19% is valid for Alberta but not for other provinces. Whats the marginal tax rate for Alberta? 10%.???? In Quebec its 25% Link to comment Share on other sites More sharing options...
familyguy Posted September 6, 2011 Report Share Posted September 6, 2011 19% is valid for Alberta but not for other provinces. Whats the marginal tax rate for Alberta? 10%.???? In Quebec its 25% We are talking about federal taxses and capital gains should be the same for all canadians. It may differ for quebec. Link to comment Share on other sites More sharing options...
pokerplayer Posted September 6, 2011 Author Report Share Posted September 6, 2011 I am really glad that people are finding this Information useful. With a little luck we will need to use it and real soon !!! pp Link to comment Share on other sites More sharing options...
daniandquin Posted February 23, 2012 Report Share Posted February 23, 2012 Thanks for this information- I can't believe how difficult it is to find Canadian info on taxes etc for the IQD RV!!! so basically, the bottom line is: get a good tax attorney? Link to comment Share on other sites More sharing options...
pokerplayer Posted February 23, 2012 Author Report Share Posted February 23, 2012 Thanks for this information- I can't believe how difficult it is to find Canadian info on taxes etc for the IQD RV!!! so basically, the bottom line is: get a good tax attorney? This is Information your accountant will need. The tax attorney part is up to you and what you feel serves your persoal needs. pp 1 Link to comment Share on other sites More sharing options...
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