Woulfe Mining Corp WFEMF

To transfer or not to transfer. . .

[whoisyourpapa]

Should I transfer more of wof in to my TFSA or not?  Hmmm. . .

[chizzles]

Just for the record Whois, I recently transferred all my WOF shares from my cash account to my (half) TFSA and (half) RRSP. Feel confident that there wont be a loss to claim here at 0.095... Chizzles

[whoisyourpapa]

Chizzles, I transferred shares every year for the last 3 years which has not been good obviously but at these levels and with the news of late it should probably be fine. . .

[chizzles]

Whois, I have a feeling that even the ones that you transferred at previous higher levels will be fine.

[TechOne]

Keep in mind though, when you transfer shares from Cash/Margin account to either RRSP or TFSA, which is really called 'contribution in kind',  if you have capital gains they are triggered automatically with the transfer and if you have capital loss because you may have bought at higher prices then the day of the transfer, then the 'loss' is NOT allowed.. That is why one

[chizzles]

I actually didn't know that Tech. It makes no sense at all...what is the difference if you transfer the shares at a loss from your cash account or... sell the shares in your cash account, transfer the money, then rebuy? Isn't it the exact same thing? The only difference is that you save the two commission charges which has no impact on your taxes. Not saying your wrong, just saying that I

[GaiusGermanicus]

It would take significantly more than two transactions to sell and rebuy a major position without killing yourself both times by flooding the market balance against yourself. Unwinding a large position can take weeks, if not months, of careful selling, followed by an equal or greater period of careful rebuying without, hopefully, any earthshaking news in between. Better to order it as a

[TechOne]

You are kidding me I hope Chizz.. Man, better know very clearly what Tax rules are and follow it to the letter of the law.. Don't try to take a short cut of saving $20 in commission.. If you have a paper loss and if you want to transfer those shares to your TFSA or RRSP, contribution in kind, you actually have to call your broker and ask them to do that.. And when you do that, that triggers a

[chizzles]

Thanks Tech. You probably just saved me a lot of hassle...I should never assume I guess, even though it doesn't makes sense to me. Chizzles

[TechOne]

No problem.. Here it is straight from the horse's mouth..  :o) They want thier cake and eat it to..  If you have a loss, you can't claim it and if you have capital gains, you better report it on your Tax returns..  https://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/nvstmnts-eng.html