Day Trading Transactions Capacity

Forum|Forum|1 year ago
April 30, 2024
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Hi,

I'm fully employed and also day trade regularly. I'm filling out Schedule 3 and am trying to include every profit/loss transaction recognized this year but have run out of available space. Has anyone run into this issue? Is there another way to send these details to CRA?

Thanks,

Gerald

TurboTax Online Standard

ryan_ri

Hello, thank you for your question.

If the dispositions of your securities result in capital gains you can reach out to the institution of which you are trading with and request a realized gains/losses statement for the calendar year. Instead of detailing each and every disposition in Schedule 3, based on the aforementioned statement you can input the net capital gain/loss in one entry.

However, I need to remind you that day trading can be considered by the CRA to be business income. There are a number of factors that must be taken into consideration to determine if this income is business income or capital gains/losses. I would advise reviewing this link for further information.

geraldcruzAuthor

Thank you for your reply!

I'm reporting a capital loss and received a Trading Summary from Questrade. They unfortunately don't provide a Realized Gains/Loss statement for the calendar year (I will try again). Even the form provided doesn't convert USD amounts to CAD.

I have all the transactions summarized per year in CAD in excel. Would I be able to use the net calculated amount or do I need an official summary from my broker?

Thanks,

Gerald