My shares became non-registered - What should I do? I just got a couple of emails from my brokers saying that my Minera shares - held under my TFSA and my daughter's RESP registered accounts - are now non-registered, and that I need to pay a 50% tax "on the book value or the fair market value of the investment at the time it became non-qualified" (??)
So my first questions are:
1) When did it became non-qualified?
2) should I use book value or market value? what was book value or market value when it became non-qualified?
3) Do I need to pay this right now, or wait until March 2016? 4) any way I can avoid paying this or claim back the payment?
My broker also says that I have two ways of removing the non-qualifed security (IRL shares) :
A) sell the security ( what I cannot since the trading is suspended)
B) transfer them to a non-registered account (that I dont have and dont want to open a new one; this will also trigger wittholding taxes and admin/transfer fees)
Other questions:
5) do I need to get rid of this shares before year-end, so the penalty is only for 2015 and not 2016?
6) Can I hold the shares myself, telling my broker to trransfer them to me instead?
Sorry guys this is the part I lack knowledge, I can read balances and NI-43101s, but when dealing with RCA and canadian taxes I'm a donkey
Any help would be appreciated, it looks need to take action before Christmas week...any tax advisor in Vancouver that want to help a lost soul for a few pennies please contact me directly
Gracias