Massive growth in the global foreign currency exchange (forex) markets has attracted the interest of traders and investors alike. With a plethora of currencies available and trade volumes running into the trillions of dollars, forex markets provide a convenient way to take advantage of inherent leverage and volatility, and to make handsome returns. Many traders have started opening offshore forex accounts in foreign jurisdictions because of favorable tax treatments in these locations and to overcome overly restrictive regulations in their own country (like the Foreign Account Tax Compliance Act or FATCA in the United States).
Canadians are required by law to report any offshore holdings worth more than $100,000 to the Canada Revenue Agency. And even though the income is housed in accounts outside Canada’s borders, it must still be reported.However, it is completely legal to trade outside of ones borders.
QuantumFundFx recommends all clients to declare and pay all taxes in their home state. We do not withhold nor report any gains to clients domicile. It is the responsibility of said investor only.