Day Trader tax status in Winnipeg, Wheeling,

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Hello David, just a simple question. 
If I was unemployed and day trading stocks and options, and traded profitably, would I be subject to being taxed only on 50% as the new capital gains taxes allow? 
OR if I set up a sole proprietorship business, and treat it like a business with applicable right offs, would I then be taxed as income on my stock market gains and potentially losses?
Sincerely,
RXXXX
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david ingram replies
By its very nature, "day trading" is a business. Profits are not subject to reduced Capital Gains tax rates and profits are taxed at your normal income tax rates.
But do not do it. Virtually no one makes money day trading.
Your tax return becomes a nightmare - 
we just charged a client $2500 for a year's day trading accounting (lost $71,000 but had told everyone he was making money) - and your social life disappears.
David Ingram of the CEN-TA Group
US / Canada / Mexico tax and working Visa Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 913-9133 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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