Canada Tax
Canada tax questions answered by Experts
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Answered in 22 hours by:
3/28/2015
TaxRobin, Senior Tax Advisor
Category: Canada Tax
Satisfied Customers: 32,759
Experience: More than 20 years tax expertise
VerifiedRobin D. :
Hello and thank you for posting your question.
In Canada most people, the gains and losses from call and put options are taxed as capital gains (on capital account). If you are in the business of buying and selling stock, then your gains and losses from options will be treated as income.
For those that are in business, when call options are purchased and subsequently exercised, the cost of the options is added to the cost base of the purchased shares. If the call options are not exercised, the cost is deducted in the tax year in which the options expire. If the call options are closed out by selling them, the proceeds are included in income, and the original cost is written off, in the tax year in which the options are closed out. When put options are purchased, the cost is written off in the year in which the options expire, are exercised, or are closed out by selling them.
Robin D. :
If you are not in the business of of buying and selling then this is capital.
Customer:
What do you mean by in the business of buying and selling stocks.
TaxRobin :
That you are a trader.
TaxRobin :
You do this as a business not just for yourself
TaxRobin, Senior Tax Advisor
Category: Canada Tax
Satisfied Customers: 32,759
Experience: More than 20 years tax expertise
VerifiedTaxRobin and 87 other Canada Tax Specialists are ready to help you
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