Big Banc Split Corp T.BNK

Same kind fear two months ago

[robbie80]

Feared the same way two months ago that Long Run deal could fall through or be extended again and again.  I am not good trader but my patience has been paid off nicely. 
It is very clear to me that this deal will get done but need patience too.

[richc3]

What I've learned about these sort of drawn out acquisitions is that most of the money can actually be made by trading the stock. Meaning to say, there's a lot of turblence and multiple buying and selling opportunities along the way. I think some people fixate too much on that home run hit that they miss out on all the great plays before it. Naturally, we're all terrified of selling

[QUANTUMJUMP]

Ummmm true but what about  slippage? taxes ? Audit by CRA if active in TFSA ? - note - best to do your TFSA each year as they can only go back 3 years after that  if you are daytrading in it now ..... no worries if it is under $380k ... the minute you get over $380k they will audit , if you have not filed each year they can go back 10 years  not tax advice obviously, discuss with

[waitingstill]

Can you clarify "best to do your TFSA each year"? What do you mean by that (I know what a TFSA is). And why $380k? TIA

[QUANTUMJUMP]

best to call a tax advisor

[waitingstill]

Ohhh, that does not sound good... Lol

[QUANTUMJUMP]

No it means you should run your business like a business

[waitingstill]

Yes, I was just joking.

[RockLobster1]

yes that was an odd confusing post... who has $380k in their TSFA?? There is nothing to file on a TSFA, no tax payable... no 3 or 10 year rules etc as for regular accounts. You can trade away in the TSFA, the only rule that was abused was some were putting in big deposits and trading them and then removing or paying the penalty (1% a month).  So those few people got in trouble with the CRA.

[QUANTUMJUMP]

Point proven If you have over $380k in your TFSA I would dig deeper

[ChupacabraBueno]

Rock, re. "You can trade away in the TFSA" - IMO it should be as simple as that. But this FP article from Dec 1014 casts doubt as to whether trading too successfully or frequently is safe: ["Tax-free savings accounts, created just five years ago by the Harper government as a tool that would allow Canadians to grow retirement investments while sheltered from capital gains taxes, are

[RockLobster1]

howdoes the CRA know the balance of a persons TSFA?  I know our brokers and banks report income and dep/wd to registered accts... but also the balances? I am not worried based on my balance...   my respect for anyone who has taken a 45k TSFA to $1 million!

[ChupacabraBueno]

CRA gets a report for every security sale in your account(s), including registered accounts from your broker. In fact you can request this info from the CRA should there be gaps in your record keeping, but they may not have corresponding buy data since buys do not trigger a tax liability. General principle is that they get any info they want. So no surprise that they would get balance info. too.

[RockLobster1]

The main reason they go after success is because that's where the money is.  If you day traded the same way but lost they leave you alone because they lose money... Or if you make small amount not worth the effort. Too bad the system just can't be simple and easy... But then we wouldn't need so much highly paid staff... Did not know the y get the sales in the registered accounts

[staz]

They don't have access to everything. Except for the intelligence agencies. Other branches of power have to ask for permissions from same federal agencies to get an access to the information. Not that simple. There is a Privacy Act and some other pieces of legislation that prohibit sharing private information, even between federal agencies. I worked for one of them, I know what I'm talking

[QUANTUMJUMP]

Sorry for opening that can of worms  my response "talk to a tax expert" has been proven by some of these posts  in terms of trades , they will have every single trade . 

[ChupacabraBueno]

Yes, they have every single trade - but just the sell transaction it seems. -Why? They don't need the buy side & probably don't want it. It's not the job of the CRA to do your accounting or minimize your taxes. In the absence of evidence to the contrary the CRA can simply assume a 0 cost and maximize the taxes payable on a security sale. It is the citizen's obligation/duty to

[QUANTUMJUMP]

No offense , but you are just posting silly sentences now  So in your margin account they just assume you are being honest  Why would anyone pay taxes on trades then of I bought BNK at $2.18 for $2.20 buyout 

[ChupacabraBueno]

No offence, but I can't decipher your last question in order to answer it - maybe you could rephrase it? What part was silly? Re. your statement "So in your margin account they just assume you are being honest" - the CRA make it clear that it is your job to be honest when you file, and as they have an abundance of data & the ability to call you on/audit you in the event that any

[QUANTUMJUMP]

CRA has all buys , all sells 

[ChupacabraBueno]

Perhaps they do. But if you request your tax info from CRA (as you can do in the event that your own slips, confirmations, etc. are missing for any reason) the CRA provide the info for T slips & security sales, but not security buys (hence me inferring that perhaps they don't have the buys in their files). As the ostensible reason for providing this info is to help you file (it was a free

[ChupacabraBueno]

Rock, What are the 3 & 10 year rules (for regular accounts) to which you refer? -Thanks!