Is forex spread betting legal and/or taxed in Canada?
I have some questions regarding forex spread betting in Canada.
1) Is spread betting legal in Canada?
I have found a few unofficial sources that say spread betting is legal in Canada, however I was wondering if anyone has come across any official source?
2) When I search for forex spread betting companies in Canada, I do not get back any results. Has anyone come across any company that offers forex spread betting in Canada?
One of the search results I get back is CMC Markets, however, their website states that
Spread betting is currently only available for individuals who reside in the UK or Ireland.
So I just wanted to make sure if there are no spread betting companies in Canada.
3) Suppose I am a Canadian citizen residing in the UK where profits on spread betting are tax free, would I have to declare my spread betting profits to the Canada Revenue Agency (CRA) and pay taxes on my profits in Canada?
4) If I trade regular CFD contracts in Canada, how do I calculate taxes on my winnings? Can I use realised losses to decrease my taxable income?
Again, an unofficial source says that I can report my forex trading gain/loss as capital gains and losses instead of an income, if it is not my primary source of income. Can anyone with experience in this matter share how to deal forex gains/losses in Canada?
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