When Tax Return Australia
October 27th, 2010
Question: Do I report my capital gains from my Forex account?
Hi,
I live in Canada and I have a Forex broker (for trading currency) in Australia and I had gains (about $300) last year from a few trades. My question is am I suppose to report these on my tax return?
When I opened my broker account the only thing they asked me provide was my ID and address no SIN number or tax identification number so I'm just wondering.
Answer: Forex trade income is business income, reportable on line 130 of your T1 return.
You are taxed as a Canadian resident on your world income.
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