to all those Canadians out there, how do you deal with your FOREX earnings at tax time? Have you set up a company that erns the money, or do you just add it to your tax papers as an additional income not registered on your T4?
And what write off's do you have?
I currently run a business and know my way around tax write off's which can be rather large. IE:
In a managerial position, write offs can include the following:
- Vehicle (if used for work), Fule, Insurance, Maintenance - however your required to maintain a record of your mileage.
- Home Office Equipment such as: (if you work from home some of the time)
Would these perks apply to your trading income as well? or would it only apply if you were to create a business (home based) for yourself that earns income through trading?
And what write off's do you have?
I currently run a business and know my way around tax write off's which can be rather large. IE:
In a managerial position, write offs can include the following:
- Vehicle (if used for work), Fule, Insurance, Maintenance - however your required to maintain a record of your mileage.
- Home Office Equipment such as: (if you work from home some of the time)
- Computer
- internet connection
- Moniters
- Wiring
- Printer
- paper
- ink
Would these perks apply to your trading income as well? or would it only apply if you were to create a business (home based) for yourself that earns income through trading?
