Buckey's Bottom Bounce Short Term Picks (CDN ONLY) Message Board

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Gold/Mining/Energy : Buckey's Bottom Bounce Short Term Picks (CDN ONLY)

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To: Jester who wrote (906)	8/26/1999 8:57:00 PM
From: The Osprey	Read Replies (3) of 5887

Simply put anytime somebody in Canada transacts in a stock to realize a profit doesn't matter whether it is long or short.The realized gain less the ACB(adjusted cost base) is 75% taxable at the filers current tax rate.25% remains tax free. In real estate other than one's personal dwelling I believe you will find the ACB is the cost of acquisition plus leaseholds done and accounted for legitimally plus survey,legal and brokerage fees if applicable.The difference between the ACB and realized price is taxable at the same rate.In 1997 the government abolished the Capital gains exemption as it was known and allowed people one last year to do unrealized gains in effect adjusting their gains to current market value and stock as well as real property was reported based on valuation day.The onus is on the taxpayer to prove market value as of valuation day.I advised my clients to have appraisals done on cottages and other real property and had them make the election if they so desired.The same held true for stock. The Osprey

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