Q: Is there any tax implications on buying covered call ETFs like ZWU, ZWB in TFSA?
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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: I am preparing tax documents for 2021. Several times last year you answered questions about TOI shares that were "gifted" to owners of CSU. You said the TOI shares were costed at CAD$0.00015641/share. Was there any change in value after that date?
Q: I understand you are not tax experts but am I right to assume I can continue holding cominar bonds that mature in june 2022 until maturity in a registered account even if the company is taken private in march ? thank you
Q: I’m 59 and 20 years ago I transferred 62K from a union pension into a LIRA within the Royal Bank blue chip dividend fund that is now worth close to 200K,my question is could I convert this into cash and then transfer to a TFSA and not have to pay any tax because I never got a refund like I would have if it was coming from an RRSP
Or what are my options does it have to stay within some pension model ....Thanks
Or what are my options does it have to stay within some pension model ....Thanks
Q: IF I TRANSFER CASH FROM THE CANADIAN T.F.S.A. TO THE US T..F.S.A., WOULD IT BE AN EXTRA CONTRIBUTION OR JUST PART OF THE WHOLE T.F.S.A.? OF COURSE, I WOULD HAVE TO PAY CONVERSION FEES.
Q: Hello,
My question is regarding tax loss harvesting. I believe that there is plenty (or at least enough) time to sell then repurchase Shopify within the 30 day period required to harvest a significant loss for tax purposes and not loose out on much increase in price.
Would you agree and any comments?
Thank you,
Brian
My question is regarding tax loss harvesting. I believe that there is plenty (or at least enough) time to sell then repurchase Shopify within the 30 day period required to harvest a significant loss for tax purposes and not loose out on much increase in price.
Would you agree and any comments?
Thank you,
Brian
Q: What are your thoughts on the earnings. I hold stock in my account and joint account. Both are in Cash account.
Tax Purpose - When I sell do I need to Average combine both accounts. Or I need to report profit separately since one is in joint account and another my own account.
Thanks for the great service
Tax Purpose - When I sell do I need to Average combine both accounts. Or I need to report profit separately since one is in joint account and another my own account.
Thanks for the great service
Q: If a dividend or distribution is declared in December 2021 but payed in January 2022, is the revenue taxable in 2021 or 2022?. I think 2022 but I might be wrong. Thanks.
Q: The scenario:
Age 68
RRSP contribution room of $18K
Income (80%) and investment (20%) tax payable for 2021 about $80K
If contribute $18K to the RRSP, tax payable drops by $10K
The tax on RRSP / RRIF withdrawl begins age 71
Available cash for next 7-10 years
To save $10K now based on putting aside $18K to be taxed later seems like a good deal.
The same scenario applies for the following year, with about $25K anticipated new contribution room
Does this look to be a reasonable approach ?
Are there other major considerations I have missed?
Thank you for your views.
Age 68
RRSP contribution room of $18K
Income (80%) and investment (20%) tax payable for 2021 about $80K
If contribute $18K to the RRSP, tax payable drops by $10K
The tax on RRSP / RRIF withdrawl begins age 71
Available cash for next 7-10 years
To save $10K now based on putting aside $18K to be taxed later seems like a good deal.
The same scenario applies for the following year, with about $25K anticipated new contribution room
Does this look to be a reasonable approach ?
Are there other major considerations I have missed?
Thank you for your views.
Q: You recently answered a question about investing in US companies and being taxed if your holdings are above $100,000. Do the investments held in a RIF count towards the $100,000?
Ron
Ron
Q: Further to Cal's question on taxation of the BAMR to BAM.A exchange: the BAMR website states the following:
The exchange would be considered a disposition of the Class A Share of BAM Re. A Canadian resident shareholder who disposes of a share of BAM Re via an exchange would recognize gain or loss equal to the difference between the fair market value of the BAM shares received (at the time of the exchange) and the adjusted cost basis (“ACB”) of the BAM Re Class A shares exchanged.
The exchange would be considered a disposition of the Class A Share of BAM Re. A Canadian resident shareholder who disposes of a share of BAM Re via an exchange would recognize gain or loss equal to the difference between the fair market value of the BAM shares received (at the time of the exchange) and the adjusted cost basis (“ACB”) of the BAM Re Class A shares exchanged.
Q: Further to Denise's question, and Patricia and 5i's comments on flow-through shares, I thought I would add that there's a place called Bertov Capital Corporation and MLC Financial that sell flow-through shares that purport to eliminate all investment risk by disposing of the flow-through shares in a relatively short period of time and guarantees their tax benefits. I have no affiliation, and have never bought flow-through shares, but I thought that was interesting and was worth sharing.
Q: Would appreciate your guidance on capital gains reporting to CRA when a US stock in a USD trading account is sold - where does one obtain the relevant USD to CAD conversion rate if that is not provided on tax slips/statements?
Thank you.
Thank you.
Q: Further to Denise's question Wednesday about seeking ways to reduce taxes when receiving OAS, I have found that the purchase of Flow Through shares helps reduce my taxes. I know they say Flow Throughs are mainly for those in the highest income bracket, but they help all tax payers reduce taxes payable . I guess it is a question of "how much" does it help
Q: You answered Ronald’s question of Feb 8 re tax implications of having more than $100K in US equities by indicating CRA form 1135 must be completed. You did not indicate if this was only applicable to non- registered accounts. Does it apply to registered accounts e.g. TFSA and RIF. Clarification would be appreciated.
Q: Hi 5i team:
To calculate the adjusted cost base for shares held in a non-registered account that I wish to sell, do I include the cost of the same shares held in a registered account (TFSA)? Or are they considered two separate pools for tax purposes? Thanks for your help. Ron
To calculate the adjusted cost base for shares held in a non-registered account that I wish to sell, do I include the cost of the same shares held in a registered account (TFSA)? Or are they considered two separate pools for tax purposes? Thanks for your help. Ron
Q: Are there additional tax implications for Canadians who own more than $100,000 in US equities?
Q: Hi,Concerning dividend tax credit on CDN Cies for an ETF in a non-registered account : What happens when this ETF includes a mix of canadian and foreign Cies : do we still get the tax credit on dividends for the canadian portion of this ETF ?
Q: I know you are not tax experts but you probably have a decent understanding of the Lifetime Capital Gains Exemption. I just wanted to clarify one thing. If the company you owned qualifies, and the amount of capital gains is within the limit (lets say 250K), does that mean you pay ZERO tax on those profits? Or is it some sort of a reduced rate? Seems too good to be true. Thx
Q: Do I have it right that dividends of ALL stocks ending with .UN (trusts) are ineligible for div. tax credit?
Thanks
jerry
Thanks
jerry