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Avoid Audits When Trading Options

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The phrase “tax audit” ranks with “root canal” and “blind date” to cause panic and stress. Investors who dabble in options contracts need to be aware of certain triggers that could lead CRA to take a closer look at your taxes.

According to James Rhodes, a former Department of Justice lawyer who specializes in taxation, options trades often fall into a “neutral zone” between what is clearly income and what is clearly a capital gain.

When is a capital gain not a capital gain?

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