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Can anyone confirm what CRA gets from a Discount Brokerage firm during tax time?

theycallmebruce

Active member
Nov 17, 2002
1,107
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I have an account with RBC Direct Investing and Scotia Itrade and wondering if anyone can confirm what they send to CRA during tax time? Do they get a statement of all trade dispositions for the year?

thanks.
 

canaille

New member
Dec 30, 2009
159
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Revenue Canada gets a T5008 Trading Summary which reports interest, dividends and securities transactions. Was reassesed last year by the CRA on my capital gains due to differences in foreign exchange rates used by the broker, so they are definitely cross-checking to the tax returns.
 

danmand

Well-known member
Nov 28, 2003
46,353
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The simple answer is that CRA gets everything you get.
 

Rockslinger

Banned
Apr 24, 2005
32,783
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The CRA also has info exchange articles in many of its tax treaties with other countries as well. Just in case you have an account with an offshore broker.
 

Rockslinger

Banned
Apr 24, 2005
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What exchange rate are you guys using to convert your USD income to CAD on your Canadian tax return? Are you using the Bank of Canada average rate for 2009? If yes, is that 1.14?:confused:
 

danmand

Well-known member
Nov 28, 2003
46,353
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they have access to all of the information, but from how I understand it, keeping any movement or transactions under $2600 is the key to flying below radar. However, there is a caveat... you need to also do less than 14 transactions per month, as that is the key amount that flags interest, too, unless they are deposits... than, any electronic deposits into a brokerage account over 18,000 and it warrants an electronic 'investigation'... not one that people look at, but a sophisticated investigation program looks for other alarm bells such as a cash deposit to chequing account and transferred into brokerage account. basically anything that starts as cash is electronically suspicious.
 
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