If you’re a day trader who buys/sells stocks, options, futures, options, crypto or commodities within a 24-hour period, and want to minimize taxes and manage your trades, this is for you.
Day trading is a complex game, and when you have to track your trades and report on your gains/losses, and maximize your tax deductions, things starts to become difficult.
Knowing how to maximize tax deductions
Understanding capital gains tax around trading
Record-keeping your daily profits and losses
Setting up a corporation to maximize benefits
As a day trader, you’re good at navigating the complex world of market fluctuations, but managing the complex world of tax and compliance is a different game. This is where we come in.
Tax regulatory and compliance requirements
Understanding corporate vs personal tax benefits
Helping you incorporate in other countries for tax
Going from a passive trader to an active trader
There are many tax accounting firms to choose from, below you will see how we stack up against them.
We understand the world of day-trading, as we’re day traders ourselves outside of the world of accounting.
We’ll develop a personalized tax strategy for you
We’ll integrate with your trading platforms
Strategic financial and market advisory
How to incorporate to maximize tax deductions
Most accountants don’t understand the complex world of day-trading nor the tax implications.
Inexperienced with the world of day trading
Lack of understanding with tech integrations
Lack of experience with day trading tax rules
Don’t provide incorporation services
We work with a variety of different traders within Canada, USA, Dubai & European countries.
We will help you offset on your capital gains and maintain compliance with wash sale rules.
We will help differentiate between the different trades as each will have its own tax strategies.
We will help you identify opportunities to deduct expenses based on certain commodity trades.
We will help you understand the tax implications associated with different option contracts.
We will advise you on different tax rules when it comes to handling foreign currency exchange.
We will help ensure compliance with the CRA and mitigate tax owings.
We understand the unique challenges and opportunities in day trading and offer services designed to maximize your financial efficiency and compliance:
Tax Planning and Compliance: We help you navigate the intricate tax landscape specific to day trading, ensuring you meet all CRA regulations while optimizing your tax position.
Profit and Loss Analysis: Our team provides detailed profit and loss analyses, enabling you to understand the financial performance of your trading activities better.
Expense Tracking and Deductions: We assist in meticulously tracking trading-related expenses, ensuring all eligible deductions are identified and applied to reduce your taxable income.
Financial Record-Keeping: Keeping accurate and comprehensive financial records is vital. We ensure your trading records are well-organized and readily available for any financial review or audit.
– Danny Khanna, Managing Director
Below you will find written reviews from our clients who are satisfied with our services and promises.
Your success hinges not only on market knowledge and trading strategies but also on effective financial management to navigate the complex tax and regulatory environment in Canada.
Here’s how we can help:
We offer continuous support and advice, keeping you informed about regulatory changes, potential financial risks, and opportunities in the trading world.
From generating regular financial reports to preparing year-end statements, we provide comprehensive reporting services that offer clarity on your trading business’s financial health.
We develop personalized financial strategies that align with your trading goals and business structure, whether you operate as a self-employed trader or under a company.
Our services include integrating your accounting system with various trading platforms for streamlined financial tracking.
Managing Director
“I’ll be your main point of contact for bookkeeping and tax.”
Senior Accountant
“I’ll help setup and manage your bookkeeping and software.”
The ‘Wash Sale Rule’ simply says that you cannot deduct the losses of a trade if you decide to purchase the same trade within a 30-day period.
Oakfront Accounting has been operating for 6+ years helping a wide variety of clients including construction and contracting.
Because accounting is a service which is fully customized based on your needs, we suggest you schedule a demo with us to get a final price.
Currently we support QuickBooks, Xero, FreshBooks, and Wave. If you have another accounting software outside of these providers, reach out to us and lets see if we can help.
Depending on whether we’re able to support your current accounting software it can take 1-2 days. However if you’re using a software that we’ll need to migrate its data too, this may take 5-7 days.
We can help you setup your corporation, or sole-proprietorship. If you’re looking to incorporate in other countries, reach out to us and we’ll see how we can assist you with this as well.
– Dilan Ropero, Senior Accountant
