Trading Losses Brought Forward
Canadian student tax question?
I live in Quebec at home with my parents. I have been attending university part time (1 class a semester = approx $600 tuition for the year), I have written the OLC, FLC, and derivatives fundamental courses ($1400).
I have made approx $35,000-40K in profit trading in the market (my “full time job”, $800 in interest from ING, and about $600 in canadian and foreign bonds (no losses carried forward from previous years.)
I know very little about the tax code, and I was told that I am better off having my father receive the tax rebate from my education, since he earns a higher income, he received a greater rebate, and he can just pass along this savings to me. Is this true that I am able to do this. I would like to know what to do before my parents bring their files to our accountant this week, since our accountant is a douche and I don’t trust him one bit.
No you actually have to use the credits yourself and in your case you are taxable and you will have to use the credits. It also doesn’t make any difference what income tax bracket your in, the credit would be same for everybody You will need a form T2202A for all your eligible tuition and education amounts.
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Necessary Losses $10.77 A self-help classic, NECESSARY LOSSES addresses how personal growth often comes when we let go of our illusions, expectations, and other dependencies. Viorst combines a straight-forward approach with a supportive, life-affirming tone. |
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The Risk of Trading (Hardcover) $43.86 Trading Risk takes an in-depth look at the challenges traders have in regards to one of the most critical facets of trading: risk management. The book takes a magnifying look at risk that every trader needs to have and understand in order to be successful in trading. Most traders look at risk in terms of a "stop-loss" that enables them to exit a losing trade quickly. In Trading Risk, Michael Toma explains that risk is ever-present in every aspect of trading and advocates that traders adopt a more comprehensive view of risk that encompasses the strategic trading plan; account size; drawdowns; maximum possible losses; psychological capital; and crisis management. He advocates that traders conduct a detailed statistical analysis of their methodology through backtesting and real-time results so as to identify when the methodology may be breaking down in actual trading. Ultimately, Toma asserts, traders should look at themselves more as project managers who are constantly managing risk rather than gamblers placing bets and hoping over time to come out ahead. In so doing, traders will begin to operate more as business managers and are much likely to avoid market-busting losses and achieve consistently good results. |
