End of Year and taxes/tfsas - mostly for new peepsPosted a couple of things I've learned earlier today and looks like maybe some confusion so for anyone using online web broker like TD for example and also if u have some cash earnings and are holding some losing stocks -
1. If you sell a stock that is in the red no later than December 27 - that means the next trading day for us on tsx I believe - u can use the loss against any capital gains.
2.TD advised (I would think others will be the same) that in the new year, you can move STOCKS from a cash account into a web broker TFSA (tax fee savings account), meaning you can transfer an actual amount of the stock equivalent to the amount of m oney you are allowed to put into your TFSA. DO NOT put in more than you are entitled or you will pay hefty penalties. Do the math and check the number of shares so you don't exceed your max.
The timing of this could be very good for Aurora shareholders. In addition to any space you may have available now, I think the TFSA amount for 2018 will be 5500 dollars. If the courts approve shareholders to go ahead with first the Cmed Newstrike vote and that vote is no, I will immediately move all Aurora shares to fill my TFSA, as I think it is obvious then that the Cmed shareholders will vote in favour of the Aurora takeover. Within a month of that happenning I think most of us (and the online paid pundits if anyone reads any of the cannabis columnists) believe that ACB shares will, very shortly after the acquisiion, climb to 10 dollars and beyond. So watch for those vote dates and if all goes well, maxing out your tfsa will keep thousands of dollars in your account and not the taxman's.