Fritzk 

super easy ... all done online. I originally needed it for another business I set up. I chose a package with office, mail forwarding, and a phone number in Vegas. (picked Vegas cause it's so cheap to fly there) I use incparadise.com and have been with them for 4 years. They have been nothing short of excellent for me. Even helped me to setup a bank account. Hope that helps.

How do income taxes work under this model?

kroeran 

Just wondering....for non sheltered activity Can a person trade full time and file profits as capital gains? How does the paperwork for CRA work? Does the broker provide a summary or something?

It's just capital gains vs capital losses, you're taxed at 50% of the difference at your tax bracket

Japhro 

Interesting development. I am still with Dorman and I live in Ontario, no notices from them about any forthcoming changes. Perhaps I am grandfathered?

kroeran 

I read somewhere that Dorman recently started shutting down existing Canadian accounts. NinjaTrader as well as Stage 5 use Dorman, and this is the response I got when trying to sign up with Ninja...(received a similar message from Stage 5, specifically related to Dorman as clearing house) ================= R***, Thank you for your interest in NinjaTrader Brokerage. Dorman’s Compliance Department has declined the opening of your account as the firm is restricted from conducting business with Canadian residents. We apologize for the inconvenience. Thank you for your interests. Regards, New Accounts NinjaTrader Brokerage ===================

My account just got closed and returning my fund. I only find out when I checked the statment. There was no info beforehand. Kind of upset of the customer service.

Japhro 

I am in Toronto and I have accounts with IB, Dorman and an acct with Amp that I don't use, mostly to show solidarity with Big MIke, but I never had an issue with AMP personally. Dorman is a very good broker, and a clearing broker, and the money is held with BMO Harris so a solid bank there. Anytime you trade with an American Broker you don't get the benefits of full account protection as you would under provincial securities laws. I keep maybe 60k USD in my American accounts for day trading, this gives me plenty of margin but will not ruin me should something horrible happen. Thats the level of compromise I can live with, though not ideal

I am scrambling to look for a decent future brokers who accept Ontario resident. I have an IB account, but their data is filtered and not reliable. I need a broker that provided quality data feed using the Ninja platform.

Is AMP is the only one that accept Ontario resident? Which FCM do they use? Having read some comment regarding AMP's customer services, I am a bit reluctant to go to AMP.

As I have read somewhere, Optimus do not accept account in Ontario. Am I correct?

Any other choices for Ontario residents? Could someone please shine me some light?

I don't know your situation, but I was told that Ninja Brokerage now has an exclusive with any new Ninja accounts. Ie you cannot open with whatever brokerage you wish to with Ninja, you have to go through them now.

Amp still providing services for Ontario residents as far as I know. Optimus told me they were working on it but have heard nothing back on that.

If my account were to be closed for some reason, I would open the Nevada LLC as someone mentioned

drago1 

If you are Canadian you are safest with a Canadian based broker. I think Interactive Brokers is the only one left.

I have done a bit more digging.

Other than IB, it appears that there is no future brokers (which could use the NT platform) accepting Ontario resident now. And IB has poor data quality and has no tick data available, the only choice would have to purchase your own data - Kinetick or IQFeed - which cost over $100 a month as a minimum.

For now, I might have to limit my trades only to stocks with IB, and Forex with FXCM(Friedberg Direct) which provide decent tick data.

For now, the overhead data cost seems too high for future trading.

You would be eligiable for the Kinetick discount as client of IB which is only $50.00. When you factor in that most US based brokers leave you currency exposed on your account and also charge higher transfer fees to move your money back to Canada when taking any funds it makes no sense to be in the US. I lost over $10k on currency loss during the last US dollar fall on my margin account held in US funds. After that I moved my money to MF Global in Canada from the US division and decided security over few cost benefits. Than the bankruptcy in the US really confirmed what a good idea that was.

Deduct your data fees as business expense. It is a legitemate business expense. The actual cost of data is a 4 tick trade on one ES contract -that is nothing. Keeping things in perspective IB is a good business platform and your funds are safe.

wipca201 

I have done a bit more digging. Other than IB, it appears that there is no future brokers (which could use the NT platform) accepting Ontario resident now. And IB has poor data quality and has no tick data available, the only choice would have to purchase your own data - Kinetick or IQFeed - which cost over $100 a month as a minimum. For now, I might have to limit my trades only to stocks with IB, and Forex with FXCM(Friedberg Direct) which provide decent tick data. For now, the overhead data cost seems too high for future trading.

I believe that AMP does accept Ontario.
Matt

drago1 

You would be eligiable for the Kinetick discount as client of IB which is only $50.00. When you factor in that most US based brokers leave you currency exposed on your account and also charge higher transfer fees to move your money back to Canada when taking any funds it makes no sense to be in the US. I lost over $10k on currency loss during the last US dollar fall on my margin account held in US funds. After that I moved my money to MF Global in Canada from the US division and decided security over few cost benefits. Than the bankruptcy in the US really confirmed what a good idea that was. Deduct your data fees as business expense. It is a legitimate business expense. The actual cost of data is a 4 tick trade on one ES contract -that is nothing. Keeping things in perspective IB is a good business platform and your funds are safe.

As I think about it more, it is making perfect sense to keep the fund with IB in Canada. It probably is a good idea to bite the bullet for data cost considering the risk and cost.

The US brokers does not care much about customer services or customer authorization. It happens to me twice - first with Mirus and now with NinjaBrokerage.

Mirus never directly advised me about their problem upfront and they frozen my account and transferred my data feed to Continuum and then the whole account to Ninjabrokerage. All was kind of done after the fact.

Now NinjaBrokerage closed my account without telling me beforehand. I am very much fed up with US brokerage. I have totally lost more trust with these US brokerage.

I was stupid to be fooled twice. Not any more.

mattz 

I believe that AMP does accept Ontario. Matt

The problem is NT platform no longer accepting new brokers other than the six quoted on their site. Only existing custom is ok.

So, AMP is no good with NT platform for new customer.