http://www.investor-info.biz/canada-forex-tax/
Tax and forex earnings?
Basically i don’t want to pay tax on my forex earnings, i pay enough in my regular job. I live in canada and trade forex using a UK based regulated platform. I have Citizenship in Canada and Ireland and have active bank accounts in both countries. Because I live outside of Ireland for More than 183 days I do not need to pay income tax in Ireland, so if I when I want to withdraw money from my trading account i have it transfered directly to my irish bank account i can keep it here earning interest and not subject to any tax. Is it true Forex trading brokers (such as FXCM which is the platform I use) will not disclose account details to gov agencies? Therefore If Canadian revenue does not know I have made this money and the money I have in Ireland is tax free.
Thanks to anyone who has info on this subject
Canada taxes its residents on worldwide income.
If the forex account is based in the UK, it is considered UK-source income and you are also taxable in the UK as a non-resident.
What you are describing is tax fraud and carries penalties and prison terms.
Good luck with that.
