Comments on: Preparing for the Income Tax Deadline (2011-2012): Personal Taxes

By: FrugalTrader

FrugalTrader — Mon, 28 Feb 2011 23:31:36 +0000

@lizard, yes, contact the institution for another copy of the T5. Brokers shouldn’t have a problem issuing an extra.

By: Lizard

Lizard — Wed, 18 Aug 2010 17:31:19 +0000

What happens if I lost my T5 form, Can I ask for a new one and submit it for my 2010 tax year?

By: Susan Mladenovich, CMA

Susan Mladenovich, CMA — Tue, 09 Mar 2010 20:36:22 +0000

fyi, I am going to link this onto my site if its ok with you. Also, I will be doing a short overview of the new EI program for self-employed because I am encouraging all my clients to sign up. I can send a copy along to you if you like to use.

By: FrugalTrader

FrugalTrader — Tue, 09 Mar 2010 19:18:05 +0000

lol @ jeremy, good eye! fixed!

By: Jeremy

Jeremy — Tue, 09 Mar 2010 19:09:27 +0000

“… daycare expenses (up to $7000k) …”

Up to $7000k? Wow, I have to start paying my daycare provider better … *wink*

By: The Rat

The Rat — Mon, 08 Mar 2010 23:39:28 +0000

@FrugalTrader: I tend to follow the same method of compiling all my files as you do. April 30th will come quick. The worst is waiting for those T5s that trickle in. I’ve had to do 2 amendments because of that and I hate it when that happens! Nice post.

By: Paul@Quantisan

Paul@Quantisan — Mon, 08 Mar 2010 22:10:23 +0000

Thanks for the timely reminder. I still have my year end statement from my broker unopened. I really should start gathering my paper work at least.

By: Sarlock

Sarlock — Mon, 08 Mar 2010 15:08:23 +0000

Just waiting for my YLO distribution breakdown and then I am ready to file.
Most brokerages do a good job of tracking and organizing your trading activity for you so that calculating your capital gains isn’t too onerous of a task. Most will let you download your trading reports to an Excel spreadsheet so that you can put the finishing touches on organizing it.

By: FrugalTrader

FrugalTrader — Mon, 08 Mar 2010 13:35:35 +0000

Hi Sandy, yes you are responsible for tracking your own capital gains/losses. Fortunately for you, IB does a great job of summarizing trades. If you login to your admin panel, you can download all of 2009 transactions in a nice summarized format.

By: Sandy

Sandy — Mon, 08 Mar 2010 13:33:51 +0000

Hi MDJ,

Last yr was my first yr trading stocks. I thought that my broker IB will send me how much I made that would go towards capital gains on T5. But reading your post it seems that I’ve to calculate my own, that would be lot of work as I day trade. Is there any other option ?

Sandy