# Capital gains on forex?



## yyzvoyageur (Apr 10, 2009)

Random thought that came to mind today:

If one were to actively trade forex, would one have to claim capital gains/losses on those trades? It wouldn't think so, but I've been wrong before.


----------



## Square Root (Jan 30, 2010)

You will be required to pay either capital gains tax or regular income tax. This would depend on how often you did it and why you did it. You didn't really think there was such a gap in the income tax act did you?


----------



## sahibjeee (Feb 27, 2012)

ok so i invested with a local firm on *promise to pay*, basically i would call them to go long or short for me on a given pair, unfortunately made few mistakes and lost about $18500, i am now paying them monthly installments for the losses, how do i claim my losses? i have still not paid the full amount but the loss has already occured. 

also bought some pool certificates on silver at different rates and then the prices dipped significantly, how do i claim losses on that?


----------



## sahibjeee (Feb 27, 2012)

sahibjeee said:


> ok so i invested with a local firm on *promise to pay*, basically i would call them to go long or short for me on a given pair, unfortunately made few mistakes and lost about $18500, i am now paying them monthly installments for the losses, how do i claim my losses? i have still not paid the full amount but the loss has already occured.
> 
> also bought some pool certificates on silver at different rates and then the prices dipped significantly, how do i claim losses on that?


actually i should also mention that i have not sold the silver certificates yet, they are still in my possession but the prices are already gone down, can i even report the losses? the forex trades were closed however so that loss is certain


----------



## Paul75 (Dec 22, 2011)

yyzvoyageur said:


> Random thought that came to mind today:
> 
> If one were to actively trade forex, would one have to claim capital gains/losses on those trades? It wouldn't think so, but I've been wrong before.


If you trade forex then there is two option either you gain or loss but in some cases you be in no-profit, no-loss condition as well.


----------



## dogleg (Feb 5, 2010)

Speaking of capital gains do you happen to know how I would compute the CG on a mutual fund I bought about 5 years ago and sold last year ? Thanks .


----------



## Paul75 (Dec 22, 2011)

Hi yyzvoyageur, As I said in my previous post that there is two option either you gain or loss but it depends on your trading knowledge and experience as well. There is number of websites which offer trading tips to avoid loss situation. Recently, I visited Forex Australia website. It is a free forex educational website for traders. I hope some traders will increase their trading knowledge with help of tips given here.


----------



## yyzvoyageur (Apr 10, 2009)

Paul75 said:


> Hi yyzvoyageur, As I said in my previous post that there is two option either you gain or loss but it depends on your trading knowledge and experience as well. There is number of websites which offer trading tips to avoid loss situation. Recently, I visited Forex Australia website. It is a free forex educational website for traders. I hope some traders will increase their trading knowledge with help of tips given here.


Thanks, though I'm not sure forex trading is for me. I convert amongst currencies with my bank on occasion when the rates present a good opportunity, but becoming an active forex trader would be a bit much for me.


----------



## Homerhomer (Oct 18, 2010)

dogleg said:


> Speaking of capital gains do you happen to know how I would compute the CG on a mutual fund I bought about 5 years ago and sold last year ? Thanks .


Mutual fund companies usually provide capital gain reports, ask them if you haven't received one.


----------



## Paul75 (Dec 22, 2011)

yyzvoyageur said:


> Thanks, though I'm not sure forex trading is for me. I convert amongst currencies with my bank on occasion when the rates present a good opportunity, but becoming an active forex trader would be a bit much for me.


If you are interested then you can try. If you choose right trading platform, right trading strategies and reliable broker then there is good opportunity for you to make some money.


----------

