Investment Q&A

Q: In a TFSA is their a withholding tax on American dividends?

Q: Hi there,

In terms of the US dividend withholding tax should any of these three be held in my non sheltered account?

Thanks,

Q: If you held zpay or zpayu during 2021 in a taxable account would you have to fill out a T1135 or is it considered a Canadian corp?

Q: If I buy aCDN ETF that includes 4CDN ETF, but with american and international Cies included: There will be no US witholding taxes in my account,OK for this point,But do all those ETF included in this unique ETF pay
already witholding taxes on the foreign Cies included?

Q: Is the transfer of shares from Interpipeline to BIPC shares considered a capital gain taxable event ? Shares are held in a non registered account.
Thanks ,Philip

Q: Hi Guys

I was really surprised by an answer to John Heinzl in the Globe and Mail in his March 5th column. The question was "I recently did an in-kind share transfer from my non-registered account to my tax-free savings account. This transfer was below the book value of the shares so I assumed it would be a capital loss, but I did not get a confirmation slip as a record. How do I record the loss"

The answer was "Sorry to be the bearer of bad news,but when you own shares with an unrealized loss and transfer them in-kind to a TFSA (or any other registered account) you cannote claim the loss for tax purposes. The CRA considers this a "superficial loss" because you still own the shares.

So my question is: if this is indeed the case then would this ruling also apply to shares that you had bought in a non-registered account at a certain price and were now transferring them at a higher prices than you bought them into a TFSA?

Or does CRA get you both ways?

Thanks

Stuart

Q: Hello team 5i,

I know very well that when a stock is sold with a loss, it must not be bought back before one month for the loss to be used as a tax loss.

But what if a stock is sold with a gain and then bought back before one month and this time it is sold with a loss. (Note that one month did not pass between the gain and the loss). Is this loss usable as a tax loss?

I donated shares of a company that was delisted to my broker. How can this loss be used for tax purposes? Is it different from an ordinary loss?

Thank you for your help

Q: I'm confused, because I've received two T5008 (statement of securities transactions) forms in relation to two stocks moved from one registered account (RIF) to another (TFSA) . All withdrawals from RIF (including the value of these stocks) are included in my income for 2021.
Why am I getting these forms - which seem to double count income ?

Q: Hello Peter and co.,

I have a follow-up to Simon's question about tax-loss selling of QQQ posted on March 4.

Would leveraged ETFs, such as QLD and TQQQ, also be considered the same as QQQ? While those two ETFs are based on the NASDAQ 100 index, they don't track it directly.

(Also, I do realize you don't endorse the purchase of leveraged ETFs.)

Thank you for your helpful advice!

Q: Unless I misread your reply, in a recent response you suggested that you can claim both the interest charges as well as the principal amount of a loan as a deductible expense when its used to purchase an investment. To my knowledge, only the interest portion of the loan is a tax deduction.

Q: When borrowing to invest interest paid is tax deductible. However, is the amount borrowed to pay the interest, tax deductible as well?

Q: Is there any tax implications on buying covered call ETFs like ZWU, ZWB in TFSA?

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

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

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

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.