For those of you living on the Canadian side. ther
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Posted On: 03/28/2017 7:03:50 PM
For those of you living on the Canadian side. there is even better news to be had. You may or may not know this;
Any security that is trading on a recognized exchange such as NYSE, NAS, TSX, TSE, VSE, or trading on two exchanges such as FNHI will be is eligible to be "CAPITAL GAINS TAX EXEMPT"
thats right folks. So once it starts trading on the TSE you will be able to transfer the security or cash into a TFSA (tax free savings account) There are restrictions of course. You best check with CRA (Canada REV AGENCY) for your allowable contribution room into such an account. If you haven't contributed at all you have carry forward which can amount to a sizable figure.
If you happen to have bought the security and earned capital on it prior to it being transfered or bought through the registered account you will pay capital gains tax on the amount from the time you transfered it in. So you will trigger gains but only from the time it was transfered. Anything after that amount will be deemed tax free.
Anything earned within that account on a security exempts you from paying any tax on the gains.- PERIOD! ALL TAX FREE EARNING!
ONLY IN CANADA YOU SAY??
Any security that is trading on a recognized exchange such as NYSE, NAS, TSX, TSE, VSE, or trading on two exchanges such as FNHI will be is eligible to be "CAPITAL GAINS TAX EXEMPT"
thats right folks. So once it starts trading on the TSE you will be able to transfer the security or cash into a TFSA (tax free savings account) There are restrictions of course. You best check with CRA (Canada REV AGENCY) for your allowable contribution room into such an account. If you haven't contributed at all you have carry forward which can amount to a sizable figure.
If you happen to have bought the security and earned capital on it prior to it being transfered or bought through the registered account you will pay capital gains tax on the amount from the time you transfered it in. So you will trigger gains but only from the time it was transfered. Anything after that amount will be deemed tax free.
Anything earned within that account on a security exempts you from paying any tax on the gains.- PERIOD! ALL TAX FREE EARNING!
ONLY IN CANADA YOU SAY??
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