Post by
mjh9413 on Mar 18, 2016 3:29pm
Income tax info on distributions
There may be up to 4 compnents to the annual distributions for tax purposes and you will fins each year's summary go to PIRET's website uner <Investors><income tax information>.
Much easier ro have in Registered account, particularly with there being an interest portion most years and, after the Liberals budget, a higher Capital Gains attribution rate.
A lot of companies issue a press release each year to confirm its oncome tax treatment. PIRET does not.
As to CRA, like I found with Turbotax I do not see how their on-line system automatically accommodates these elements.
Comment by
thomas35 on Mar 26, 2016 11:33am
Your broker will supply this data (T3)by the end of March, or you can simply do a CRA auto-fill after March. Nothing complicated there. The capital gains rate for REITS remain the same. The only complication is when you sell a REIT. You have to calculate the Adjusted Cost Base when completing a T5008. Using the service ACB Tracking makes the task simple and fast.
Comment by
seanatis on Mar 27, 2016 9:03am
I've been using https://www.adjustedcostbase.ca to track my investments for years and they now added (for a fee) ROC calculations. The premium service is $39/year. Seems to work quite nicely!
Comment by
thomas35 on Mar 27, 2016 9:25am
Yes, it appears to be a good service. I chose ACB Tracking because I only average selling two REITS per year and it cost $10 per REIT. I suppose if you sell more than four REITS per year your service would be the better one to use.
Comment by
seanatis on Mar 27, 2016 9:34am
Yeah a few REITs and income funds.