Q: I have a book cost of $10,600 for my 600 parkland shares.
I received $11,880 in cash and 177 Sunoco shares ( book value $ 12700. } For tax purposes is it all taxable ? I.E. 24,580 .
The Sunoco shares have been put into the Canadian side of my account,so I assume the transaction is all in Canadian dollars. Is that correct? Thank you for your help.
Philip
I received $11,880 in cash and 177 Sunoco shares ( book value $ 12700. } For tax purposes is it all taxable ? I.E. 24,580 .
The Sunoco shares have been put into the Canadian side of my account,so I assume the transaction is all in Canadian dollars. Is that correct? Thank you for your help.
Philip
5i Research Answer:
As it was a cross-border transaction, it is all taxable. The cash compensation was C$, but SUNC shares are listed in the US and it is likely best to keep any shares in a US account to reduce f/x conversion fees.