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I have what many here would regard an extremely basic (or even silly) question on capital gains tax (CGT) and stocks.

I have an account with an online trading platform. Over the course of the year I have sold some of those stocks and bought others. When it comes to doing my tax returns do I declare profits that I made on the sale of stocks even though I haven't withdrawn funds from the trading account or is it only when I withdraw funds that I declare the profits for CGT.

Brythan
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Tomás
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1 Answers1

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Making or losing income (via selling shares) is the taxable event, not moving the income you made to and from an account.

The only exception would be a special account such as an IRA, and then there would be rules specific to that account structure about when you can withdraw money and what the tax consequences are.

Emma Arbogast
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