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Gold/Mining/Energy : TAXES, TAXATION, TAX and Canadian stocks -- Ignore unavailable to you. Want to Upgrade?

To: Buckey who wrote (179)	5/28/2000 10:44:00 PM
From: Jim Bishop	Read Replies (1) \| Respond to of 548

ragingbull.com By: joesr Reply To: None Friday, 26 May 2000 at 10:38 PM EDT Post # of 1871 IMPORTANT!!! CANADIAN INVESTORS must READ!!! I have been informed by my Merrill Lynch broker that WE CANADIANS can't have NSCT in our RRSP portfolios due to the ISM mistake. Here is a copy of information provided to me via FAX by Merrill Lynch broker: Please be aware that ISM has miscoded 800 US OTC securities as being eligible for plan accounts when in fact they are not eligible for registered plans. Recently the issue of Over-the-Counter Bulletin Board (OTCBB) stock and its eligibility for registered plans has been raised within Financial Industry. The Director (Financial industries Division, Income Tax Rulings and Interpretations Directorate, Policy and Legislations Branch) issued a document advising that OTCBB shares are not eligible for registered plans. This position is consistent with the current ineligibility of Canadian OTC stock for registered plans. The ineligibility of OTC stock has been periodically reminded to the sales force, most recently in January 2000. ISM will no longer set up new listings of OTCBB shares as being eligible for registered plan accounts. Trades placed for such shares will default into the error account and an alternative account will have to be found to contract those shares. This is identical to today's existing procedure for any ineligible security. In addition, ISM has identified certain securities it currently flags as eligible that in fact are not eligible for registered plans. There are approximately 800 separate securities held in 1000 accounts at Merrill Lynch. Future trading in these particular securities as of 12 May 2000 will also default into an error account. The shares of the 800 affected securities will become classed as non-qualified investments for registered plan purposes. We are currently working with our trustee, Montreal Trust, and with the financial industry to determine an effective handling of the issue within regulations. We expect the outcome of these discussions will be an agreement to provide clients with a grace period of 90 days to remove any ineligible security. After this 90 day grace period the firm must charge penalty taxes. Clients will be able to deal with ineligible securities in the following manner: * Sell the security within the plan; or * Deregister the security; or * Swap with an eligible security or cash from a non-registered account. There are certain tax consequences to deregistration and swapping between a registered and non-registered acount. Each Financial Consultant with affected accounts will be advised directly and will receive specific list of each of their accounts and the ineligible security held. The full listing of securities will be posted on the WorldNet on the Operations homepage. We realise that this issue have an impact on a number of clients. Merrill Lynch is working with ISM, Montreal Trust, and a number of other Investment Dealers to try to minimise the impact on everyone. ***********************************************************

To: Buckey who wrote (179)	7/20/2000 6:04:48 PM
From: russet	Read Replies (2) \| Respond to of 548

Canada Customs and Revenue Agency (The Dark Force): A man was called in for an audit by the CCR Enforcement people (Darth Vaders), so he asked his accountant for advice on what to wear. "Wear your worst clothing and an old pair of shoes. Let them think you are a pauper," the accountant replied. Then he asked his lawyer the same question, but got the opposite advice: "Don't let them intimidate you. Wear your best suit and an expensive tie." Confused, the man went to his minister, told him of the conflicting advice, and asked him what he should do. "Let me tell you a story," replied the minister. "A woman about to be married asked her mother what to wear on her wedding night. Her mother told her to wear a heavy, long, flannel nightgown that goes right up to your neck and wool socks. But when she asked her best friend, she got conflicting advice. Her friend told her to wear her most sexy negligee with a V-neck right down to her navel. The man protested, "But reverend, what does all this have to do with my problem with the CCR?" "It doesn't matter what you wear; you're still going to get screwed."