Author Topic: reportable investment income?  (Read 236 times)

jooniFLORisploo

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reportable investment income?
« on: November 28, 2017, 09:36:59 AM »
Am I correct in understanding that the following accounts do not produce T3s?
And that this is because income (gains, dividends, interest) inside each of these is not taxable?

RRSP
RDSP
RESP
TFSA

I should only except T3s for other (nonregistered, nonTFSA) accounts, because that's all that needs to be reported on my return?

What about those little US aspects? Some of those are taxable, even inside a registered account??
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Mr. Rich Moose

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Re: reportable investment income?
« Reply #1 on: November 28, 2017, 10:00:41 AM »
Correct on all.

You get a slip if you have RRSP or RESP withdrawals as that is taxable income.

U.S. tax impacts are not recoverable in registered accounts (assuming your broker set up your RRSP correctly for the withholding tax aspect).
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jooniFLORisploo

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Re: reportable investment income?
« Reply #2 on: November 28, 2017, 10:07:20 AM »
Thank you, Mr Rich Moose :)

U.S. tax impacts are not recoverable in registered accounts

What does this phrase mean? Does it mean: For some US stuff, tax may have been withheld at source. If it was, you can never have that back. But the income that was taxed is still not reportable by jooniflorisploo.
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Mr. Rich Moose

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Re: reportable investment income?
« Reply #3 on: November 29, 2017, 08:31:30 AM »
U.S. tax impacts are not recoverable in registered accounts

What does this phrase mean? Does it mean: For some US stuff, tax may have been withheld at source. If it was, you can never have that back. But the income that was taxed is still not reportable by jooniflorisploo.
Yes exactly. If you hold foreign stocks in a non-reg account, the tax slip will break down exactly the foreign tax paid and you can claim that back on your tax return so you don't pay the tax twice. In a registered account that's not the case; foreign tax paid is money gone. But the income retained within the account is also not reportable.
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jooniFLORisploo

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Re: reportable investment income?
« Reply #4 on: November 29, 2017, 08:38:33 AM »
Ah, thank you again!
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jooniFLORisploo

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Re: reportable investment income?
« Reply #5 on: November 30, 2017, 01:43:27 PM »
On T3 slips, why are some funds reported and some not?

And, if a nonregistered account was with Investment Firm A til Sept 4th, and then moved to Investment Firm B, will there be TWO t3s issued for that account? One from Firm A and one from Firm B?
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jooniFLORisploo

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Re: reportable investment income?
« Reply #6 on: November 30, 2017, 06:05:28 PM »
Okay, after almost an hour's wait, bank said:

1. Only if a fund had REALIZED gains or realized losses (or dividends or interest) does that fund issue a tax slip. So, only if I sold the fund (capital gain/loss) or had dividends or interest. If a fund produced none of those -e.g., only unrealized capital gains- the fund will not be reflected in a tax slip for that account.

2. Yes, if account lived with one firm then another, the year it moved over will see two tax slips.

I read that: "...capital gains can be triggered when you change investments within your taxable account. If the new investments are substantially different than the original investments, or the same old investment is repurchased more than 31 days later, this will trigger capital gains."

So what would be an investment that is not substantially different?
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jooniFLORisploo

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Re: reportable investment income?
« Reply #7 on: November 30, 2017, 06:42:42 PM »
So what would be an investment that is not substantially different?

Found at: https://www.adjustedcostbase.ca/blog/what-is-the-superficial-loss-rule/

Shares of the same class of the same corporation would be considered identical property.  However, shares of two similar companies, in the same industry, would not be considered identical property.  Two ETF’s tracking the same index would be considered identical property.  But if the ETF’s do not track the same index, they would not be considered identical property, even if they track the same sector, industry, or asset class.

What's an example of two ETFs tracking the same index?

In any case, it seems clear to me that cashing out of RBF556, etc, leaves me subject to tax on the gains...unless I buy back RBF556 within the next 30 calendar days.
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Dollar Slice

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Re: reportable investment income?
« Reply #8 on: November 30, 2017, 07:26:35 PM »
What's an example of two ETFs tracking the same index?

An example would be VOO and SPY, which both track the S&P 500 but are run by different investment companies.
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jooniFLORisploo

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Re: reportable investment income?
« Reply #9 on: November 30, 2017, 08:04:00 PM »
Thank you, Dollar Slice!
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