加拿大報稅 你問我試答（2）

喺戶口炒fx賺嘅錢係報咩稅？capital gain?

yes

但day trade當trading 當100% income

你hold 幾日以上賣就capital gain 50%

https://www.forexcanada.ca/forex-trading-tax-canada/
Forex Trading Tax Canada
Foreign Exchange or Forex Trading is a trading methodology where currencies are bought or sold in order to make profits. Along with Canada, there are a lot of other countries where Forex Trading is taxed and regulated, but unfortunately many forex traders, especially the new ones, do not understand the taxation system. This negligence often leads to illegal activity and big disadvantages.

What Is Forex Trading Tax?
While we understood what Forex trading is, it would be worth looking into the taxation in Forex Trading in the Canadian context:

Understanding Tax In This Context
We all understand that tax is an amount paid to the government for anything we buy or our income that has been officially taxed. This money is used to run the country and benefit us, in return. Similarly, Tax in Forex Trading is done based on the income generated by Forex Traders annually. They have to pay the tax to the government based on their earnings, both gains or losses.

Why Are Forex Traders Taxed?
Foreign Exchange involves almost all the currencies around the world, and due to that reason, governments believe they need to be involved with it and tax it. Moreover, the profits made in Foreign Exchange are often very huge, and it is seen as a good opportunity by the governments to generate massive revenue that can be further used for the development of the country with an improved economy.

How Much Tax Is Applied In General?
The tax is not generally applied for the first $200 in gains and losses. After that, the gains in your forex trading are taxed at 50% of your marginal rate. That means you will be taxed at about 43% (which is the marginal tax rate) of your capital gain into 50%. That will be your total capital gain tax.

To simplify, the formula could be understood as:

Capital Gain×50%43%=Capital Gain Tax

However, your marginal tax rate may vary according to various circumstances.

Tax Strategies For Traders
For people who are new to Forex trading, here are some tax strategies that could prove helpful to them:

Understand The Ways Of Forex Trading
You should understand the Canadian laws surrounding Forex trading, so you can devise the most appropriate strategy for yourself. Initially, you will have to work for others, learn new skills before you can find yourself in a good position. Then, collaborate with others and lead the game.

Choose To Opt Out Of Section 988 In Case Of Gains
This is a small tip that may help you: if you are expected to make gains in your forex trading, choose to opt out of section 988 and choose 1256 instead since you will be able to increase your savings by about 12% using that paradigm. However, if you are going in loss, section 988 will be a significantly better option for you, since in 1256 you will lose even more wealth via the taxes.

Seek Guidance From Accounting Tax Professional
Every once in a while, pay a visit to a Forex Accounting Tax professional for technical guidance regarding foreign exchange. They will charge you a sum, but in return, they may provide you with helpful advice that will enable you to generate more revenue by the end of your fiscal year.

Don’t Invest Too Much Right From The Get-Go
Naturally, this should go without saying, but we will discuss it nevertheless. When you start forex trading, you must start with a little investment to see the scope of your expertise and skills here. Chances of loss are pretty high at the start, so you will be better off starting small. When you begin to see much success, go bigger, slowly and steadily.

How To Pay Tax As A Forex Trader?
As a new Forex trader, here are some things you need to understand on how the taxpaying process works:

Understand The IRC Contracts
We have discussed a little about Section 988 and 1256. These are basically 2 distinct IRC contracts, that the Forex traders have to choose from. Both have their advantages and disadvantages. For better understanding, read as follows:

In IRC 988, the tax rate remains the same in both losses and gains.
In IRC 1256, the 60/40 rule is used, where 60% of gains and losses are termed and long-term capital gains and the remaining 40% are termed as short-term gains.
Choose Your Preferred IRC Contract
Once you have chosen the IRC contract you prefer, you should trade in under a paradigm that will give you the most benefit in that contract. This isn’t an easy thing to determine, but nevertheless, it is important. After all, you have to file your taxes accordingly.

It is recommended that you use the IRC 988 if you are a new trader because it is simple and will facilitate you more in case of losses, however as you get experienced in foreign exchange, and start earning big, you should go for 1256 for greater savings.

Keep A Record Or Brokerage Statements
IRS has a full-fledged formula for keeping a record of your forex trading. It is a comprehensive plan that allows you to record every single thing that will be reviewed by the end of the year. This is a performance record formula and it will give you a better picture of your trading-year, which will ultimately help you when you are filing your taxes.

File Your Taxes At The End Of The Year
This is the final stage of taxing. Once you have filed all your taxes and submitted them, you are cleared after review and approval. Now, you need not worry about your taxes and look forward to the coming year, as you will have even greater challenges, that will hold even greater profits for you.

Conclusion
Regardless of how strict the implementation of the law is, taxation on foreign exchange trading should be taken seriously. It will lead to cleaner and fairer trading, and will protect you from any kind of trouble.

拎study permit去加拿大嘅college讀full time diploma嘅話，係咪可以claim moving expenses？e.g. 由香港運嘢去加拿大嘅費用同travel expenses (機票/車錢)?

想問下加拿大有無遺產稅
當我已經係PR或者攞埋加籍
當香港既家人百年歸老時（非pr或加籍）
啲遺產係點計，樓同現金

https://turbotax.intuit.ca/tips/declaring-inherited-overseas-property-6225

A family member or friend leaves you a property overseas. You need to know if the inheritance should be reported to the Canada Revenue Agency and how to go about it. Although most gifts and inheritances don’t have to be reported to CRA as Canada does not have an inheritance tax, some inherited property does have to be declared, depending on value and type as well as if the property earns income.

Gifts from friends and relatives are tax-free in Canada.Gifts from friends and relatives are tax-free in Canada.
Declaration Values
International tax specialist Gary Gauvin, EA, says that “an inheritance of money, property or investments is not taxable income for Canadian residents, whether received from another Canadian resident or a foreign resident.” An inheritance that consists of cash only doesn’t have to be reported to the Canadian tax authorities when inherited directly from the decedent. However, if you take possession of “specified foreign property,” you may need to file Form T1135, Foreign Income Verification Statement. This form is used to declare ownership to the tax authorities if the property value exceeds what the CRA calls the $100,000 reporting threshold.

Property Types
What the Canadian Income Tax Act defines as “specified foreign property” includes both tangible and intangible assets. For example; intangible property such as patents and copyrights should be reported if the value is above the $100,000 limit. Tangible property such as stock in corporations, whether in Canadian companies or not if held outside the country, qualify as specified foreign property, as do government and corporate bonds held by foreign entities. A financial interest in a foreign trust, partnership, or insurance policy is three additional examples of property that should be declared if the value exceeds the threshold. Real estate, in some cases, is classified as specified foreign property, as are properties that can be converted into a specified foreign property.

Exceptions to Reporting
There are exceptions to what properties you must declare. If you inherited property used solely for business purposes, it does not have to be reported. In addition, property that you use for your personal benefit, including real estate, does not need to be declared.

For example;

suppose Aunt Kay leaves you the European villa where you and your spouse have vacationed in the past. You both enjoy the place, intend to retain ownership, and spend future vacations there. The CRA considers this “personal-use property” and you don’t have to declare ownership.

If you rent the property and earn rental income, however, this does have to be reported. As Gauvin clarifies, “If the asset inherited is left abroad and is earning income, you are required to report the income earned in the same fashion as Canadian source income, after converting it to Canadian dollars.”

Reporting Income
Gauvin notes that when you file your federal taxes, “Interest and dividends would get reported on the federal worksheet, capital gains on Schedule 3 and rental property income on Form T776. Your cost, the adjusted cost base, for all Canadian purposes will be the value on the date of death of the decedent, not the date you actually receive any funds in Canada.”

Accounting for Cumulative Value
Suppose you inherit property valued at $50,000 but already own foreign property valued at $60,000. Since the total value of foreign property owned, $110,000, would put you over the threshold for the tax year, you must declare it. According to the CRA, if anytime during the tax year you go above the threshold, declare ownership of the property by filing Form T1135.

Remember Foreign Taxes
Being prepared to report any and all types of income and property, both earned and inherited, makes good financial sense. As Subhash Sharma, CMA, a tax professional working in Toronto, wrote on the website for the publication Canadian Immigrant, “Income properties are also subject to tax on capital gains on the disposition or deemed disposition upon death of the taxpayer. The rationale is that you are receiving 100 percent of the benefits of living in Canada, so you should pay tax on 100 percent of your income.” But don’t forget taxes you may have paid on the foreign property to a foreign government. Gauvin reminds us that, “as with all foreign source income, you can claim a foreign tax credit if you are subject to tax in the foreign country on the income.”

https://www.google.com/search?client=opera&q=are+inheritance+from+foreign+country+taxable+in+Canada&sourceid=opera&ie=UTF-8&oe=UTF-8

https://turbotax.intuit.ca/tips/new-country-new-codes-tax-101-for-international-students-3248
Studying abroad can be overwhelming for international students. Not only must you get used to your new surroundings and find a place to live, you’ll need to figure out your residency status for tax purposes. While you may be considered a non-resident by immigrations, your residency status may be different when it comes to filing taxes. It’s important to know Canadian tax filing requirements, otherwise the Canada Revenue Agency could penalize you for failing to comply with Canadian tax law.

Determining Your Residency Status
As an international student, it’s important to know your residency status, as that’s what the CRA uses to determine your tax filing requirements. You may or may not have to file a Canadian tax return, depending on your residency status. There are four broad categories of residency statuses international students can fall into:

• non-resident

• resident

• deemed non-resident

• deemed resident

Tax filing requirements are based on your residency, not your citizenship. Your residency status for tax purposes may be different than it is for immigration purposes. If you’re an international student who studies abroad in Canada for part of the year, you could be deemed to be a Canadian resident.

You most likely haven’t established significant residential ties with Canada if you return to your home country regularly. Also, you probably aren’t considered a Canadian resident if you stay in another country when you’re not going to college or university in Canada.

Residency status can be a gray area, so it’s highly advisable that you consult the CRA. Canada has a self-assessment tax system, so it’s your responsibility to report your income and pay any tax you may owe.

Establishing Residential Ties
The CRA considers an international student to be a resident of Canada for tax purposes when she establishes residential ties with Canada. You often establish residential ties on your arrival date. The following are some examples of ways you may establish residential ties:

You establish a home in Canada.
You have personal property in Canada.
Your spouse moves to Canada with you.
Your dependants move to Canada with you.
You have economic ties to Canada (such as a business).
You have memberships in Canada (for example, to a professional association).

Why Residency Matters
Your residency as an international student matters because it determines whether you have to pay income tax. If you’re deemed to be a resident of Canada, you’ll have to file an income tax return for the income you earn worldwide. To qualify for benefits like the Canada Child Tax Benefit and the GST/HST sales tax credit, you’ll need to be a Canadian resident. Although you’ll file a tax return, you’ll also benefit from tax credits and deductions.

Moving Expenses
International students may be able to claim eligible moving expenses when relocating to Canada to attend college or university. If you’re an international student, you can claim moving expenses if you attend college or university full-time (and carry at least a 60-percent course load during the semester) or you’re a deemed or factual Canadian resident.

The same rules apply for international students claiming moving expenses as those born and raised in Canada. To be able to claim moving expenses, you must move at least 40 kilometres closer to your new college or university campus. If you receive bursaries, fellowships, scholarships or research grants, you may only claim moving expenses against the taxable portion.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-21900-moving-expenses/you-claim-moving-expenses-12.html

無scholarship 唔得
反而你有返工先claim 到

無，現金唔洗計，當gift

你收樓就當你買樓
你賣樓就要俾capital gain,但係因為你，同家人無關

股票係唔係都係同一道理？
增值既意思 係我接收後既價格？
當我收返黎股票值100 賣時得90就唔洗比capital gain?

Thanks a lot 🙏🏻

yes

你100入 90賣，有 capital loss， 可以用黎扣翻之前3年或之後（無期限） capital gain

Capital loss
Adjusted cost base is the FMV on day you legally received ownership of the shares/properties from the estate
E.g.
Original cost $10,000
FMV in date of transfer $20,000
Proceed 18,0000
Assumption
You are a tax resident when transferred to you

Your capital loss will be $20,000-$18,000 = $2,000
The gain between $18,000-$10,000 =$8,000 is not taxable in Canada.
Your net capital loss will be $2 000x50%=$1,000. You can carry forward this net capital loss to reduce future net capital loss.

If the proceed is $35,000. Then your capital gain is $35,000-$20,000 =$15,000 x 50% = $7,500. You tax on the $7,500 depends on your personal marginal tax rate for the year.

Just a very simplified explanation.

我仲以為co-op 或者part time收入都可以扣

咁如果用OWP/SOWP過去然後self-employed，可唔可以用嚟扣business income?

以我理解係employment income, 你翻part time= employment income 可以扣。

至於self- employed:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-21900-moving-expenses/line-21900-you-employed-self-employed.html#netincome

有得扣就唔好蝕

我work permit 今年8月中到加拿大 預計9月中加拿大開工
2022住唔夠183日 係咪2022 non-taxable, 2023起先計數？
另外我香港公司會有gratuity 會係我8月land後入數 呢條數又洗唔洗交稅？
Thanks!!!!

一開工就係taxable

加拿大一開工就All income taxable including overseas income? Thanks

到步後仲繼續同香港做remote，或香港仍有銀行利息收梗係taxable

但你到步後先收到步前（例如之前個月）香港做嘢人工/gratuity，就應該唔taxable。