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Now that is a nice looking backtest 3 years of pre-pre call calendars (short leg is before earnings - long leg after earnings). 50% profit target.

As an update - I spoke with my accountant. In my particular situation she advised to report profits as capital gain. It was primary based on the fact that I have a full time job and profits from trading were very small comparing to my overall income. However, if I become very successful (which I truly hope will happen one day) or switch trading full time I should call back to reassess the situation. As a general comment, she noted that there is no strict CRA guidelines (as we have discussed above) and all "regular" guys doing trading on a side fall in a grey area. This means that either way I decide to report my gains or losses I should be prepared if CRA comes and re-assesses them differently. And on a very special note, she was very surprised that I didn't blow up my account in my first year and even have profits to report. For that I would like to send kudos to @Kim and @Yowster for creating such a wonderful community for us.