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Dumb basic question...

stang

Banned
Oct 24, 2002
4,947
0
0
S ontario
2009 was the first year I made quite substantial income in the market and took profit out. Most other years were a wash or lose.
Dumb question - for tax reporting purposes how does RevCan know what I made?
I don't recall any reporting from my brokerage in the past.
 

danmand

Well-known member
Nov 28, 2003
46,353
4,776
113
2009 was the first year I made quite substantial income in the market and took profit out. Most other years were a wash or lose.
Dumb question - for tax reporting purposes how does RevCan know what I made?
I don't recall any reporting from my brokerage in the past.
The brokerage reports all trades to CRA. You will get a statement in january/february.
 

SkyRider

Banned
Mar 31, 2009
17,572
2
0
I don't recall any reporting from my brokerage in the past.
Your brokerage files a T5, T3 and T5008 with Revenue Canada that reports all your income and buys and sells. Or, are you using a foreign broker?
 

kennedy1600

New member
Sep 19, 2006
21
0
1
If you have losses from prior years, you can refile those years (income and losses)....our former prime minister took advantage of that loophole.
 

21pro

Crotch Sniffer
Oct 22, 2003
7,830
1
0
Caledon East
Yes, it is true that the brokerage reports all gains (in fact all transactions) to the CRA, however, it is still up to you to disclose it to them... how's that for redundant...

March 2009 was a once in a generation opportunity. The next such opportunity will be March 2029.
Yeah, it was nice, but I also found similar opportunities and returns in my own portfolio in 2001,2002,2003 (all above 45% annual returns). So, I do think you can hit these more often than the market does... I was also glad to sell most my dud stocks during Beijing olympics when there was pretty low beta. 08 was still a tough year!

some current holdings swapped up in March that are buys today:

Motorola @3.10
Ford @2.11
General Electric @7.41
Fidelity Southern Corporation (Fidelity Bank & LionMark Insurance) @1.26
Vist Financial Corp @5.24
Iteris @1.01

also bought over the holidays:
TorStar @6.10 Dec. 17th
Hemisphere GPS @.72
Hartco @$2.60
 
Last edited:
Ashley Madison
Toronto Escorts