Day trading account, Taxable account and TFSA account

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Account A: I have a TFSA account that I don't make too many trades on but have maxed it out. I'm aware of the no-day trading rule. (I do under 5 - 10 trades a month, mostly buys)

Account B: I want to open a taxable account for long term investing, buying a globally diversified portfolio (under 5-10 trades a month, mostly buys).

Account C: I also want to try my hand at day trading in another account (a lot more trades obviously).

How do taxes work in this scenario? I would assume my account B can be claimed as capital gains (50% taxable) and account C as business income (100% taxable).

Q1. How do I "claim" that its business income?

Q2. Will CRA ask me to file account B as business income as well? How about the TFSA (will CRA call me out saying that could be day trading as well)?

Q3. Would you recommend opening account C at a different broker or does it not matter?

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TheSonOfOdinson

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Posted: 4 years ago
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