Galway Resources Ltd V.GWY

cash in account

[bepractical]

I spoke to Kingsdale Shareholder Services and they advised that shareholders should expect to receive their cash in 5-10 business days.

Therefore, Dec.31 at the earliest and Jan. 8th at the latest.

FYI.

[SchiffKnowsBest]

Thanks Be practical.  Do we need to do anything or do our brokers take care of it?

[NaturalCurrency]

So if we get cash after 31st Dec, would it be a 2012 taxable event for us? I am in the US. 

[letsgetready]

i would treat the disposition when the GWY shares are removed from your account..hopefully it will be 2013..who can argue with that..i.e the disposition taking palce when the cash and spinco sahres are given to you

[bepractical]

The brokers should take care of all the requirements but you could call them as a reminder.

[$HAWK]

From the CGA Tax Planning Guide 2012-13 If a sale of capital property results in a capital gain and a portion of the of the proceeds are not due or received until after the year-end, taxpayers may claim a reasonable reserve for the unrealized portion of that gain. At least one-fifth of the capital gainmust be included in income each year.   This above is a portion of  paragraph one on