RE:RE:RE:RE:RE:RE:RE:Great Bear Royalties Corp.diabase1 wrote: Has BMO, CIBC, RY, BNS, NA sent out letters??? Or is it just TD??
I heard from RBC a couple of months ago:
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Our 2020 records indicate that your account was recently holding GREAT BEAR ROYALTIES CORP, which is considered a non-qualified investment by the Canada Revenue Agency (CRA) for registered plans, as defined in the Income Tax Act.
What This Means to You Securities held in registered plans must meet certain qualifying criteria, otherwise the CRA may levy tax penalties.
The above security was acquired as non-qualified, or became non-qualified in your registered plan, on May 6, 2020. Details on the fair market value of the investment will be provided in February 2021.
Next Steps to Minimize Tax Consequences If you still hold GREAT BEAR ROYALTIES CORP in your registered plan, you can minimize any potential negative tax consequences if you:
- Sell the security
- Withdraw and transfer the security in-kind to a non-registered account
- If the security is worthless, request to have it removed from your registered plan (if applicable), or
- Swap (exchange) the security for cash in a non-registered account
If You Do Not Take Action RBC Direct Investing
®, on behalf of The Royal Trust Company, may withdraw the security according to the terms of the Trust Agreement governing your registered plan.
For more information on the tax implications of holding non qualified investments, and related tax filing requirements, please contact the CRA’s individual tax inquiries line at 1-800-959-8281 or a qualified tax professional.
If you have already removed the security from your account, thank you. Please keep this email notification for your files.
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I haven't contacted RBC yet as I'm not that worried about the tax consequences of something of zero value. I believe we have a year to remove a non-qualifying investment but check into that yourselves. Right now I'm more worried about GBR listing it on me than RBC taking it from me.