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So one entry for the whole year's worth of trading per instrument?
Provided, I keep all papertrails. My clearing firsm (AMP) sends me daily and monthly statements will all trades taken which include the date, market, quantity bought/sold, contract description, trade price, currency and total commissions and fees.
Can you help answer these questions from other members on NexusFi?
Chances are CRA will check you and ask for back up. I dealt with IB Canada and IB would send the CRA the same info they sent me. I doubt AMP would submit info to the CRA.
If you use an accountant they probably won't.
"The days when I keep my gratitude higher than my expectations, I have really good days" RW Hubbard
You won't find any "definite rules" per se, but there are interpretation bulletins, technical interpretations, and rulings that can be of some assistance. Bulletins of interest here would be IT-346R, IT-459, and IT-479R.
Noteworthy technical interpretations include T.I. 2004-0101161E5:
"It is our understanding that the Chicago Mercantile Exchange launched its first stock index futures contract in 1982. Neither Interpretation Bulletin IT-346R, Commodity Futures and Trading in Certain Commodities, dated November 20, 1978, nor Interpretation Bulletin IT-479, Transactions in Securities, dated February 29, 1984 address trading in stock index futures.
Trading in stock option futures would normally be taxed on income account, unless, for example, it relates to the acquisition of capital. Generally, an individual who makes trades in stock index futures every day, particularly where those trades constitute the major source of income to that individual, will be taxed on the profit therefore on income account."
and T.I. 9404215:
"In the case of commodity futures or commodities, the Courts have long established that trading in commodity futures or commodities is either a business or considered to be an adventure in the nature of trade, such that related gains and losses would be on income account."
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Essentially, it appears that the courts see futures (including both index futures and commodity futures) in the same light as stocks and options. Therefore, actively trading futures would be taxed on account on income, not capital.