Q: Can you sell a stock in an unregistered account to claim a loss and then purchase it back in the tfsa before 30 days? Thanks Clare
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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: Hi team,
I recently sold a stock at a loss in my TFSA. Can I buy the same stock in my non-registered account now or do I have to wait the 30 days period required by CRA to avoid a penalty ?
Gratefully,
Jacques IDS
I recently sold a stock at a loss in my TFSA. Can I buy the same stock in my non-registered account now or do I have to wait the 30 days period required by CRA to avoid a penalty ?
Gratefully,
Jacques IDS
Q: I have held on to BB for a few years. What will it take to get this stock to move significantly? Maybe time for a tax loss sale?
Q: My income is much lower this year. I own 40 Costco shares with an ~$4500 gain. I’m wondering about selling them post dividend to solidify the capital gain. Do I then need to wait 30 days before re-purchasing? If you sell a stock and re-buy within 30 days, then you can’t claim the capital gain or loss? What is your opinion of this strategy?
Q: Here is what Taxtips.ca gives as a reason for not selling options:
We traded options for about a decade, and in the end finally decided to quit, because
bullet there was too much record keeping to be done
bullet we always had to keep on top of whether the stocks were close to exercise price
bullet when we used a full-service broker, it seemed we would be warned before anything was exercised and that we could have some input, but once we used a discount brokerage options would be exercised without warning, and we would find out after the fact.
bullet it was impossible to quantify true gains and losses, and it certainly didn't seem worth all the effort we put into it
They undoubtedly know more than I do but I find their analysis a little extreme. Wondering what you think of it.
I was looking at their site in order to get an idea about paying taxes on options. wasn't really clear to me. My question is whether you pay capital gains on the stock, not the option premium, but the stock capital gain, when you buy back a call option?
thanks
We traded options for about a decade, and in the end finally decided to quit, because
bullet there was too much record keeping to be done
bullet we always had to keep on top of whether the stocks were close to exercise price
bullet when we used a full-service broker, it seemed we would be warned before anything was exercised and that we could have some input, but once we used a discount brokerage options would be exercised without warning, and we would find out after the fact.
bullet it was impossible to quantify true gains and losses, and it certainly didn't seem worth all the effort we put into it
They undoubtedly know more than I do but I find their analysis a little extreme. Wondering what you think of it.
I was looking at their site in order to get an idea about paying taxes on options. wasn't really clear to me. My question is whether you pay capital gains on the stock, not the option premium, but the stock capital gain, when you buy back a call option?
thanks
Q: Peter and His Wonder Team
This is about Capital Gains Tax and Tax Loss Credits. I have 6 accounts: Canadian Cash, USA Cash; Canadian Tax Free, USA Tax Free; Canadian RIF and USA RIF. In terms of taxation is this just 3 accounts to 2 different currencies? Can I write off a loss from my Canadian Cash with a gain on my USA Cash? With the Tax Free Account is it true that you pay no tax on gains but also get no credit for losses?
Thirdly...With the RIF Account is it true that gains and losses are not matched...you only pay tax on the annual amount that must be withdrawn over the years? Thank you for answering my rookie questions!
This is about Capital Gains Tax and Tax Loss Credits. I have 6 accounts: Canadian Cash, USA Cash; Canadian Tax Free, USA Tax Free; Canadian RIF and USA RIF. In terms of taxation is this just 3 accounts to 2 different currencies? Can I write off a loss from my Canadian Cash with a gain on my USA Cash? With the Tax Free Account is it true that you pay no tax on gains but also get no credit for losses?
Thirdly...With the RIF Account is it true that gains and losses are not matched...you only pay tax on the annual amount that must be withdrawn over the years? Thank you for answering my rookie questions!
Q: You may or may not know the answer but i am hoping to transfer some of my stocks to my grandkids at some point before i die. (i might as watch them enjoy it while i can). is there a most efficient way to transfer stocks between two individuals? i was under the impression they had to be sold to transfer the funds but i have seen several posts about 'inheriting' shares. i assumed that most of the 'inheriting' was coming from registered retirement accounts or RIFS.
Can you point me to a resource?
Can you point me to a resource?
Q: Hi Guys, I was thinking of putting this ETF in my TFSA for some monthly income. I was wondering if there would be a withholding tax applied if it is in a TFSA because of the US content. I there is do you know how much? If there is then perhaps this would be more suited in an RRSP. I'm retired and am looking for income. Thanks for your help.
Mike
Mike
Q: In the TFSA will taxes be withheld on this? Thanks
Q: I am in my early 80's ,have large capital gains and plan to stay invested in equities as my parents lived to over be over 100.
I believe that the capital gains inclusion rate will be increased to 75% as early as December 31,2021 which is 50 years since the capital gains tax originated.
As a result I intend to begin selling the equities with the largest gains with a view of buying a portion of them back after leaving enough in cash to cover the tax.
Can I repurchase the same day or do I have to wait until after the date of settlement?
I believe that the capital gains inclusion rate will be increased to 75% as early as December 31,2021 which is 50 years since the capital gains tax originated.
As a result I intend to begin selling the equities with the largest gains with a view of buying a portion of them back after leaving enough in cash to cover the tax.
Can I repurchase the same day or do I have to wait until after the date of settlement?
Q: Hello,
I was wondering if there are any tax implications of purchasing STPL and making it part of my TFSA account. This ETF does hold US companies. Will their be any tax withholdings because it is part of my TFSA even if the ETF is Canadian?
Thanks in advance.
I was wondering if there are any tax implications of purchasing STPL and making it part of my TFSA account. This ETF does hold US companies. Will their be any tax withholdings because it is part of my TFSA even if the ETF is Canadian?
Thanks in advance.
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BMO Canadian Dividend ETF (ZDV $24.78)
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iShares Core S&P/TSX Capped Composite Index ETF (XIC $45.29)
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Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY $54.67)
Q: Hi, if I hold ZDV, VDY or XIC in a TFSA are there any tax implications whatsoever. Do I need to keep track of ACB? Thanks.
Q: I hold Costco in my TFSA and with the news of a special dividend I am debating on selling ahead and rebuying after to avoid losing 15% withholding tax as I am assuming a special dividend is subject to the same 15% withholding treatment. Thanks
Q: Hello,
As it pertains to trading in a TFSA account, I recall an answer to a question where you felt that 4 to 6 trades a month may pass muster with Rev Can.
Is there a way of seeking clarification from the Rev Can so that one is apprised, or does that just draw attention to oneself?
As it pertains to trading in a TFSA account, I recall an answer to a question where you felt that 4 to 6 trades a month may pass muster with Rev Can.
Is there a way of seeking clarification from the Rev Can so that one is apprised, or does that just draw attention to oneself?
Q: Could you provide 5 or 6 names of solid/dividend paying companies that took a hit from tax loss sales in Nov. 2019 timeframe? (if there were any)
Thank you
Thank you
Q: Could you suggest 5 or 6 solid/dividend paying companies that may take a hit from tax loss selling? Thank you
Q: Hey team, I think you misunderstood Jacob’s tax question. He WOULD have to declare his capital gain on his growth stock. He is not excused from this just because he rebuys the same stock shortly thereafter.
Q: I noticed you said that you have to wait 30 days to rebuy suncor after selling it for tax-loss. Is it the same for declaring profits? If i sell a growth stock for a profit, but rebuy it the next day, do i have to declare it?
Q: I want to take a tax loss on SU. But I want to stay in the market. What do you think of using IMO as a proxy to replace SU? Or just wait 30 days?
Q: Greetings 5i team,
This question is regarding tax loss selling. I have a major loss on su.to in my Margin account. I want to keep the stock for the long run. My question is is it possible to file tax loss without selling or should i sell and buy back. If so how soon can i buy back?
Thank you
Ravi.
This question is regarding tax loss selling. I have a major loss on su.to in my Margin account. I want to keep the stock for the long run. My question is is it possible to file tax loss without selling or should i sell and buy back. If so how soon can i buy back?
Thank you
Ravi.