Q: They recently reduced the amount of shares I had. But the broker TD is showing me only the new prices which have moved quite a bit lately.They are not showing original investment amount. It shows I am making money,but in reality to original investment i am losing money. Could i Claim the loss in the difference. Should I contact TD
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Investment Q&A
Not investment advice or solicitation to buy/sell securities. Do your own due diligence and/or consult an advisor.
Q: Retired, dividend income investor. I'm 69 and doing some thinking regarding conversion of my RRSP to a RRIF.
Years ago I went into RBC to discuss this issue and it was recommended that I hold off converting to a RRIF. Instead I should consider using a RRIF calculator and withdraw that amount from my RRSP, at my discretion. That way I was not forced to all of the rules of the RRIF (like mandatory minimum withdrawals). Plus, by having early withdraws from my RRSP, it would help to smooth out and potentially reduce the income taxes compared to if I waited until mandatory RRIF time. That's what I have been doing for probably 10 years.
Recently a couple of younger friends (mid-60's)have just converted their RRSPs to RRIFs. Except for the possibility of needing the cash flow, I can't understand why they would want to convert to a RRIF.
Am I missing something? Are there advantages to converting early?
Thanks...Steve
Years ago I went into RBC to discuss this issue and it was recommended that I hold off converting to a RRIF. Instead I should consider using a RRIF calculator and withdraw that amount from my RRSP, at my discretion. That way I was not forced to all of the rules of the RRIF (like mandatory minimum withdrawals). Plus, by having early withdraws from my RRSP, it would help to smooth out and potentially reduce the income taxes compared to if I waited until mandatory RRIF time. That's what I have been doing for probably 10 years.
Recently a couple of younger friends (mid-60's)have just converted their RRSPs to RRIFs. Except for the possibility of needing the cash flow, I can't understand why they would want to convert to a RRIF.
Am I missing something? Are there advantages to converting early?
Thanks...Steve
Q: Hi There,
I never sold my MRS shares. In my brokerage account it shows that I still own 9000 shares. I noticed that MRS no longer trades. How do I sell my shares so that I can claim the loss on my 2023 taxes? If I cannot sell them, do I still get to claim the loss on my taxes since they no longer trade?
Any guidance you can provide will be greatly appreciated. Thank you.
PS - I use Questrade if that helps. Don't know if I have to make a 'request' to take action on the shares, etc.
Thank you!
Gone
I never sold my MRS shares. In my brokerage account it shows that I still own 9000 shares. I noticed that MRS no longer trades. How do I sell my shares so that I can claim the loss on my 2023 taxes? If I cannot sell them, do I still get to claim the loss on my taxes since they no longer trade?
Any guidance you can provide will be greatly appreciated. Thank you.
PS - I use Questrade if that helps. Don't know if I have to make a 'request' to take action on the shares, etc.
Thank you!
Gone
Q: Season’s Greetings 5ir staff
I sold a stock with a tax loss on Nov 21. The settlement date was Nov 23. What is the earliest day that I can place an order to repurchased the stock (with the settlement date typically two days later) without triggering a superficial tax loss.
Thanks! I am grateful for all your guidance, insight and analysis.
I sold a stock with a tax loss on Nov 21. The settlement date was Nov 23. What is the earliest day that I can place an order to repurchased the stock (with the settlement date typically two days later) without triggering a superficial tax loss.
Thanks! I am grateful for all your guidance, insight and analysis.
Q: I have had strange issues with my discount broker and RRIF payments.
I discovered that on December 6, two RRIF accounts were put into a negative cash balance, without any action on my part. I was told by my bank that this happened because CRA directed the bank to complete RRIF withdrawals for the year immediately, due to a concern that there were so many new RRIF accounts this year that the withdrawals could not be done in time.
With much effort and many phone calls, this action has been reversed and appropriate withdrawals made.
However, the more I think about it, the stranger this seems. Why would CRA change the rules suddenly without any notice?
I have successfully managed RRIF withdrawals for over fifteen years. I was waiting for significant dividends to be paid into the accounts on December 15 before making the final withdrawals.
I am wondering if anyone else has had the same experience.
Thanks,
Judith
I discovered that on December 6, two RRIF accounts were put into a negative cash balance, without any action on my part. I was told by my bank that this happened because CRA directed the bank to complete RRIF withdrawals for the year immediately, due to a concern that there were so many new RRIF accounts this year that the withdrawals could not be done in time.
With much effort and many phone calls, this action has been reversed and appropriate withdrawals made.
However, the more I think about it, the stranger this seems. Why would CRA change the rules suddenly without any notice?
I have successfully managed RRIF withdrawals for over fifteen years. I was waiting for significant dividends to be paid into the accounts on December 15 before making the final withdrawals.
I am wondering if anyone else has had the same experience.
Thanks,
Judith
Q: Can I report a capital loss on a foreign stock in a non registered account?
Q: This is in regard to Patricia's Q of Dec. 14, about selling a stock with a capital gain and buying it back the same day. I'd like to relate my recent experience.
I owned 1000 shares of BTE (ACB $2.26) and a week ago I sold them all (for $4.57) to crystalize the capital gain. Later that same day I bought back 1000 BTE at $4.45.
On Friday I noticed, in "My Holdings Details", that the ACB for my new shares was listed as $3.36! As it happened, the ACB of the sold shares had been averaged with the cost of the new shares, giving me an ACB of $3.36 for 2000 shares.
Effectively, my old shares were sold for a much smaller gain, and the new shares, which should actually have a slight loss right now, show a gain of ~$1000.
So now I'm trying to sort this out with Investorline, and am waiting to hear back.
Next time I will wait a day or two between such transactions, in order to avoid this trouble.
I owned 1000 shares of BTE (ACB $2.26) and a week ago I sold them all (for $4.57) to crystalize the capital gain. Later that same day I bought back 1000 BTE at $4.45.
On Friday I noticed, in "My Holdings Details", that the ACB for my new shares was listed as $3.36! As it happened, the ACB of the sold shares had been averaged with the cost of the new shares, giving me an ACB of $3.36 for 2000 shares.
Effectively, my old shares were sold for a much smaller gain, and the new shares, which should actually have a slight loss right now, show a gain of ~$1000.
So now I'm trying to sort this out with Investorline, and am waiting to hear back.
Next time I will wait a day or two between such transactions, in order to avoid this trouble.
Q: I realize you are not tax experts but I am confused from info obtained from bank and CRA web sites. I am 69 and wife is 59. I would like to split income from RRSP (not RRIF) with her when I withdraw some funds this year to pay for house repairs. Some sites indicate that RRSP withdrawals do not count as pension income. Does this mean that I can’t split it with her? CRA seems to say that RRSP (T4RSP) is eligible. Confusing!
Thoughts from you and members would be helpful.
Thoughts from you and members would be helpful.
Q: can i sell a stock in my nonregistered acccount for a tax loss if I have a capital gain for this stock in another account such as a TFSA or RRSP or if my spouse has a capital gain for this stock in a nonregistered account?
Q: I just wanted to make sure I understood the CRA attribution rules. Let's say I have $10,000 and it earns interest in a taxable account @ 5% = $500. I have to claim that $500 on my income tax. Now suppose the next year that $500 earns more interest @ 5% = $25. Again, I could claim that $25 on my income tax.
However, my understanding is that this 2nd generation interest (interest on interest of $25) does not need to be claimed by me. Instead, it could be claimed under my wife's income tax. Am I correct?
If I am correct, my plan would be to transfer the interest monies I earned during 2023 from RBF2010 (basically a RBC money market fund currently earning 4.55%) to my wife's account in early 2024.
Please confirm my understanding is correct....thanks...Steve
However, my understanding is that this 2nd generation interest (interest on interest of $25) does not need to be claimed by me. Instead, it could be claimed under my wife's income tax. Am I correct?
If I am correct, my plan would be to transfer the interest monies I earned during 2023 from RBF2010 (basically a RBC money market fund currently earning 4.55%) to my wife's account in early 2024.
Please confirm my understanding is correct....thanks...Steve
Q: Could you please explain why it isn’t in one’s best interest to withdraw more than the mandatory RRSP annual withdrawal??
Q: I am carrying losses of previous years and want to use them up. Can I sell stocks with capital gains and buy them back the same day, or do I have to wait a day? Thank you.
Q: Would it be appropriate to sell Magna for a tax loss at this time?
Thank you
Thank you
Q: Hello, can you comment on CGI’s latest earnings last month? Is it still a buy even if it is close to its 52-week high, and if so, why? Thanks.
Q: Hi 5i Team - Could you tell me where I can locate your 2023 tax loss screener. Thanks.
Q: I hold HXDM in my unregistered account (MER: 0.22 + max 0.3 swap fee) and am looking for an international ETF for developed countries (ex. Canada & US), that like HXDM does not include small caps, only medium and large cap stocks. I could use HXDM but fees are high and AUM is only 477M, however, there is no withholding tax with HXDM - your comments appreciated.
Thanks!
Thanks!
Q: Hi, Further to the Tax-Loss selling question on BCE, the Ex-Dividend Date is Dec 14th. While selling/booking the capital loss, would it make more sense to sell between Dec 14 to Dec 27, so not to lose 97 Cents dividend, and then buy back after 30 days ? Generally, my experience is that, on the Ex-Dividend date, the stock price drops, but recovers to previous levels, within a few days. Thank You
Q: Is BCE a good candidate for selling now for a capital loss and buying back in 30 days?
Thank you
Thank you
Q: What percentage of a RRIF must a person who is 76 in 2023 withdraw?
Thanks
Dave
Thanks
Dave
Q: Hello. Any views on the proposed AMT changes related to the inclusion rate for capital gains/losses? At this time there really seems to be a significant imbalance between gains and losses, but I am also hearing that because of this there is significant pushback.
Thanks.
Thanks.