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Tim s Tip 51: Call your pro ts capital gains and your losses business losses
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Sometimes you re going to make money on your investments, and sometimes you re going to lose it But are you going to call your profits capital gains or business income Similarly, are you going to call your losses capital losses or business losses This issue can be as clear as mud No doubt about it, this is one of the very gray areas in our tax law And it can be tough making key decisions on the gray issues, where it often comes down to toss-ups and testosterone
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aya loves to invest In fact, she follows the stock market closely In an average month, Saya makes about eight trades on her brokerage account
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Last year, she generated $35,000 in profits from her investing But investing is not Saya s primary source of income She works as a technician in an architect s office, and she earns $45,000 each year as an employee there Should Saya s profits from investing be considered capital gains or business income She could argue either way Here s the general rule: Where you have the ability to argue either way, call your pro ts capital gains Here s why: Just 50 percent of capital gains are taxable in Canada, while business income is fully taxable Have you incurred losses You ll be better off calling these business losses than calling them capital losses After all, capital losses can only be applied against capital gains to reduce tax, while business losses can be applied against any source of income at all Keep in mind that, in many cases, it will be clear whether your pro ts and losses are capital or income in nature Consider the analogy of the tree and its fruit If you bought a tree with the intention of growing and selling fruit, then the tree would be a capital asset to you So, if you were to sell the tree itself at a pro t, that pro t would normally be considered a capital gain The pro ts from selling the fruit would be considered business income As far as the tax collector is concerned, your primary intention when you bought the asset will normally determine the proper treatment Want a more lifelike example Suppose you bought a condominium for the purpose of renting it out, and someone offered a good price to buy the condo from you
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Because you bought the condo to generate rents (your fruit in this case), the condo is a capital asset, and any pro t on the sale is likely a capital gain If, however, you bought the condo largely to sell it at a pro t, and not primarily to rent it, then you could argue that the transaction was income in nature It s what we call an adventure in the nature of trade If you lost money ipping the property in this case, it s arguably a business loss In any event, it s important to document your reasoning for the position you take when reporting your gains and losses And be consistent! That is, don t treat your stock pro ts as capital gains and your losses from similar investments as business losses The tax collector doesn t really have a sense of humour in this regard Here s one last point: Any pro ts or losses that you generate from short-selling a stock will generally be considered business income or losses It only makes sense You see, a short sale doesn t provide the opportunity for any fruit from the tree such as interest, dividends, royalties, or rents No fruit Then these securities are more akin to an adventure in the nature of trade and will be treated as income
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You can make a special election to treat all your gains and losses from trading Canadian securities as capital gains and losses Those who are considered traders cannot make this election (although a trader is not de ned in the Income Tax Act) Normally, I don t recommend making this election The reason It s irrevocable you ll be stuck with it for life Besides, your pro ts and losses from trading securities will almost always be considered capital gains and losses anyway, so
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