OT, Tax advice ! Some advice regarding taxes on ICG buy out.
For those who had a large positions in Inegra and are taking cash, don’t be foolish by not claiming the capital gains on your taxes, there are stif penalties for not reporting. They can freeze your bank accounts, take your house (if you have one) charge you with fraud a throw you in jail.
For those who had large positions, calculate the taxes and put the money away, do not tie it up in another stock.
If a large amount of taxes is owed playing games with this money until year end can be costly,,, costly if you are forced to sell something at a loss or profit you may have wanted to keep.
Fortunately I used part of my TFSA account for holding some Integra shares, save some taxes also my financial planner did inform me the taxation department would apply general averaging to my taxes, where they apply an averaging for my tax rate over the last 5 years and cut off the top % of the spick in tax brackets.
If no other buyout offers come from a better company I will be forced to hold ELD shares,, not my first choice.
M2
PS: Thats the problem with buying .18 shares and then being bought out by a company @ $1.21 that has political challenges !
I am on my knees every night praying for a white knight to come along.