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How do you report several dozen stock transactions in a year to Canada Revenue Agency

Magaya

Member
Aug 23, 2006
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How am I supposed to report over a hundred stock transactions during filing of taxes?
Even if the transactions consist of repeated buying and selling of lets say, 20 stocks, over and over again, there is no way to add hundred of pages for each transaction.
So how you do you report it?
Or should I just total the overall losss/profit?
 

danmand

Well-known member
Nov 28, 2003
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How am I supposed to report over a hundred stock transactions during filing of taxes?
Even if the transactions consist of repeated buying and selling of lets say, 20 stocks, over and over again, there is no way to add hundred of pages for each transaction.
So how you do you report it?
Or should I just total the overall losss/profit?
You have to report 1. total profit/loss 2. total sales (dispositions)

PS: Don't rely on me, ask an accountant.
 

Primetime21

Well-known member
Nov 27, 2001
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Magaya, you have to be careful when buying and selling the same stocks. If you buy and sell the same stock withing 30 days and there is a loss on that transaction you will have whats called a superficial loss and won't be able to claim that loss on your return, it will just get added back to your adjusted cost base. If you have that many trades i would recommend going to a professional to get it prepared.
 

duang

Active member
Apr 17, 2007
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Magaya, you have to be careful when buying and selling the same stocks. If you buy and sell the same stock withing 30 days and there is a loss on that transaction you will have whats called a superficial loss and won't be able to claim that loss on your return, it will just get added back to your adjusted cost base. If you have that many trades i would recommend going to a professional to get it prepared.
This superficial loss rule can also apply to related parties [spouse, corp., registered accounts, etc.] so be aware of that [or use a pro on the assumption you're not opposed to that!].

D.
 
Dec 9, 2008
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Yup....assuming this all this trading is done in a non-reg account, it might be best to seek the services of a professional. As Primetime21 has mentioned, re-buying a stock within 30 days that was sold at a loss will create a superficial loss that you cannot claim.
 

Timbit

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Jan 7, 2002
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It's up to you to track your own gains and losses. Also note though that your brokerage firm will send a report of all your transactions to CRA, so if you miss one or fail to report a gain, they'll find it (maybe months later) and charge you the interest on the taxable amount. You also are not required to send in your trade confirmations, you can send in a running total - but as the previous posters noted, be careful not to log losses that CRA won't allow.

If you are doing that much trading, CRA might also consider you a "trader" so they can tax your profits as income not capital gains - a pretty stiff penalty. So watch how much trading you're doing and watch out how much gains you're making compared to your regular income.

Timbit
 

Magaya

Member
Aug 23, 2006
449
0
16
Thanks everyone for the replies.
I am aware of the superficial loss rule. I simply plan to add all my transactions any ways so I don't think I need to worry about this rule for now. Besides I lost several thousand so in any case if they audit me, I amsure my losses will increase even more as I am simply adding all transactions in a year for one stock and determining the total loss.
The problem is that I have over 100 transactions for 30 stocks. It is simply not possible to post each detail in the form . For the time being I am only reporting the total loss.
But there has to be a better and more efficient way of doing it.
 
B

burt-oh-my!

Just create your own form, and KEEP TRACK OF IT AS YOU GO. THAT"S the better more efficient way. Of course when you let something like that go it builds up to the point where it eventually becomes a monumental task.
 
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