Cenovus Energy Inc T.CVE

Alternate Symbol(s): CVE | CVE.WS | T.CVE.WT | T.CVE.PR.A | CNVEF | T.CVE.PR.B | T.CVE.PR.C | T.CVE.PR.E | T.CVE.PR.G

Cenovus Energy Inc. is a Canada-based integrated energy company. The Company has oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The Company's segments include Upstream, Downstream, and Corporate and Eliminations. Its Upstream segment includes Oil Sands, Conventional, and Offshore. Its Downstream segment consists of Canadian Manufacturing, and United States Manufacturing. The Company's upstream operations include oil sands projects in northern Alberta, thermal and conventional crude oil, natural gas and natural gas liquids (NGLs) projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and NGLs production offshore China and Indonesia. The Company's downstream operations include upgrading and refining operations in Canada and the United States, and commercial fuel operations across Canada.

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Cenovus Energy Inc > Can you be Long and Short on a stock at the same time with

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Comment by RagingBull3on Oct 22, 2021 6:30pm

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Post# 34039568

RE:RE:Can you be Long and Short on a stock at the same time with

Thanks for the response Shareholders1. It didn't occur to me that capital gains from short sales could be fully taxed. I did a quick look on the net to see if I could find anything about Capital Gains on Short Sales but didn't find anything, but I didn't look too hard.

I only shorted once in my life and the broker called me up and demanded me to cover my short. He said he would do it or I had like 24hrs or something like that to do it myself. I asked why I am asked to Cover, was there anything wrong on my end. He said no, it was something on his end. I said to him, I'll do it. The next day at the open there was a HUGE DROP in the share price....I bought and covered my short. I found this disturbing. I got the feeling that the Broker new something and tried to take advantage of me. Since when you short, I think the broker can basically ask you to cover anytime they want...as such I never shorted again. This was probably 15 or 20 years ago.

Anyways, recent post got me thinking again about how to Minimize Taxes and I thought about using Shorts to lock in Gains.

Maybe I'll Call Revenue Canada and ask them directly about Gains on Shorts. I assume it would be just like Gains on Long positions but you never know. I guess after that, I'll call my broker and ask this question, since it seems no one is 100% sure.

Thanks again.

All just my opinion/view/thinking

shareholders1 wrote: My rough guess is this will not fly, even if you sell short in a separate "Short" brokerage account, or even if the "Short" account was at a different brokerage.

Reality is if you own say 1000 shares, "selling short" 1000 in another account means that economically you have no more CVE shares left. So you will have your capital gain.

It may be different if say your wife sold 1000 shares short in her account. But nne big risk with this may be that if your wife's short position makes money, her gain from the short position may not be looked at as a capital gain but could be fully taxed.

Google: gains from short sales