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Post by Admin on Sept 23, 2004 19:46:00 GMT -5
We have a new columnist who will be conducting training sessions for our Canadian members.
You can't reply directly to his column. All questions and comments should be posted on this thread and he will reply as time permits.
Much of this information will also apply to American investors, but be sure to check with your accountant or tax professional.
Blessings
CT
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millie
Junior Partner
Posts: 39
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Post by millie on Sept 24, 2004 6:08:04 GMT -5
Good Morning:
Thank you for providing this service. Trying to decipher the Income Tax Act boggles my mind.
If and when CMKX goes 'to da moon', will I have to pay the US government taxes and then apply in Canada to have them returned or will I automatically declare the capital gains in Canada? I was once told on a flight to Las Vegas by an accountant that if I won any money in Las Vegas, I would pay income tax before I left Las Vegas and then would have to retrieve it for the Canadian government once I returned.
Many thanks.
P.S. I did not win any money in Las Vegas so I didn't have to worry about paying anything!!!!
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Post by CanIplay2 on Sept 24, 2004 10:17:59 GMT -5
I have just posted the first session on the CT home page I think.
Look under Financial & Tax planning. It should read Tax Info & Tax Planning. I am not a licensed or qualified Financial Planner.
Tax Planning may be a form of Financial Planning but that is all they have in common.
My next session when I get around to it will be on Income Splitting.
My third will be Must I pay American Taxes on Stock Gains ( equities ). For those of you wondering about that the short answer is no if you reside in Canada and use one of our many brokerages.
I will explain in the appropriate session. Their are Canadian brokerages like Ameritrade and possibly Etrade Canada.
Although I do not have one of those accounts, I would think they operate the same as TD Waterhouse, Action Direct etc.
Do you pay tax on Gambling in the USA. Yes but as far as I know it is only on blackjack, roulette, craps and maybe one arm bandits. Do not quote me on this. I have not verified anything. In any case I believe the IRS has reps on hand in Vegas so they will let you know.
I would have to check into it but it is of little interest to me.
You could always try Asking for a receipt for your losses. LOL. Unfortunately they would not apply but you might get a colourful response.
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Post by manicinvestor on Sept 24, 2004 10:18:35 GMT -5
Thank you CT  God has once again blessed me by guiding me to the Christian Trader. I am so humbled by His power. God bless, MI |
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Post by clubpoutine on Sept 25, 2004 16:28:55 GMT -5
Thanks CT
We really appreciate cuz im sure we gonna need it pretty soon!!!
You guys are all doing an outstanding job
Thanks again
Mateo
Long and strong
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Post by ginotero on Sept 27, 2004 13:31:45 GMT -5
Thank you for your much needed work here. So nice to see info. geared for Canadians!
Keep up the good work!
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hero
New Member
Posts: 1
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Post by hero on Nov 1, 2004 15:50:48 GMT -5
I thought taxation on shares were quite simple (in Canada). please correct me. Shares sold are deemed as capital gains, hence 18 to 25% when the smoke clears. I am working on a leverage strategy to see if this can be brought down further, so far no cigar.
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Post by Praise4U on Nov 3, 2004 13:50:07 GMT -5
Debi,
I would appreciate having the URL of the new board.
Thanks
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