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

To: Chris K. who wrote (284)	11/29/2000 11:18:09 AM
From: PMS Witch	Read Replies (2) \| Respond to of 548

The transaction settle on or before Dec 31. This makes the date variable, because different securities traded on different markets settle at different times after the date the order is filled. Example: U.S. stock trades settle in 3 business days; options settle in one. Most Canadian brokers announce the final date well in advance so their customers have some time to do their planning. Have you given your broker a call? If you close your position profitably, you re-open it immediately. If this position was closed at a loss, you must wait 30 days before re-establishing it or the loss is disregarded, (but included in your original cost-base) This 'superficial loss' rule extends beyond you: If your spouse buys what you sold at a loss, the loss is denied (postponed really) in your hands. Exercising options has their own rules which follow the same spirit: Gouge, wring, and squeeze every last penny. However, get yourself a good tax guy. Mine has saved me a fortune over the years, and more importantly, has kept me out of jail. We are compelled to meet our obligations to the tax collectors, but there's no point in contributing beyond what's required. Disclaimer: I'm not a tax expert. I take my records to my tax guy and he prepares my return, tells me what I owe, hands me a crying-towell, and sends me on my way. I'm only passing on what little I've understood of what he's told me. Cheers, PW.