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Gold/Mining/Energy : PYNG Technologies

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To: Veritas who wrote (1742)	3/29/1998 8:41:00 PM
From: Pierre J. LeBel	Read Replies (1) of 8117

Veritas, be extremely careful about suggesting a transfer of shares to a RRSP account. First of all, you MUST consider the tax liability created by transferring the shares. They MUST be valued at fair market value on the day of transfer. If that price is more than your cost, you MUST report a taxable capital gain on the difference on which you will pay income tax. If the price at time of transfer is lower than your cost, you are NOT allowed any capital gain deduction PERIOD. It may not seem fair but that is the law. If you want to invest cash available in your RRSP into Pyng that's fine. But to suggest a transfer of shares registered in your name into a RRSP is usually not recommended by tax accountants nor tax lawyers. The only time it may be considered would be when a taxpayer who does not have the cash available for a RRSP contribution but wishes to make a contribution 'in kind' in order to minimize income tax payable. This would usually happen in February, before the RRSP contribution deadline of February 28th each year. Hope this information helps. Have a very nice day. Pierre

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