Option traders for several years in Canada. Using TD as main platform. My TD acct is directly connected to CRA. This year when filing using Turbo Tax, it automatically calculated that I owe government $16000 cdn.
The problem is that I lost over $20k in 2023 year alone. I consulted local accountant for advice. She immediately noticed that (*out of all the transactions) some purchase amounts are missing. I mainly do credit spreads.
For example, on one transaction from yearly tax document show that I gain 18k, & purchase price is missing. Although total gain/loss is small, it looks as if I gain full $18k. I get tax on $18k gain.
I’m also consulting investment team from TD at moment.
My main question is what should I do to prevent this to happen again.
* sorry for my English. Also, due to lack of knowledge context is unclear.
* I do not play option any more. However, I’ve been studying & accumulating funds to slowly preparing to invest again.
Posted by Polardipping_2023