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sanjthetrader
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First of all you are assuming as a beginner i am not profitable. I actually am. Making a net profit every month. Losing days yes..losing month yet? NO.
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Hi, I am a beginner futures trader and want to take advantage of the tax benefits. I reside in Ontartio Canada. I looked up on Canada Revenue Website and in form IT346R it indicates speculative trading in futures is taxed on 50% of income. My question is what deductions can I make?. Can I claim computer hardware...internet, ninjatrader license, books, education, travel and car? If there is anyone trading futures in Ontario and know how best to set this up as a business and has contacts for accounting if needed i would greatly appreciate.
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As a beginner I am finding it is harder than it looks, but I do know that sticking to my trade plan and being patient for the high percentages trades is what will make or break profitability. I think once I am making consistant income then I would love to take my laptop and travel and trade! that for me is the ultimate lifestyle..