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This from Ross McDonald - A CEN-TA Tax office operator and Realtor with =
LIGHTHOUSE REALTY in Abbotsford BC
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Hi David,
Interesting comments on the fuel cell fiasco. My sources in that =
industry tell me that the fuel cell is a long way out for two reasons =
=96 the cost of totally redesigning the cars from the ground up to =
accommodate a totally different drive train is so high that the cost =
conscious auto manufacturers are not going to jump on it. Instead they =
are working to simply make the internal combustion engine run on =
hydrogen =96 not nearly such a big switch over. I fact the biggest =
problem is designing a fuel tank to hold the hydrogen =96 (my sibling =
tells me his company has got patents on that however).
The other problem is the issue of a hydrogen distribution system. In =
order to get hydrogen we have to electrolyze water =96 ironically with =
electricity generated by carbon based fuels =96 so in reality the =
environmental savings are not all that great. Not to mention the =
billions to convert the gas stations and the supply system currently in =
place. =20
There is an Alternative however, =96 and this is where us lowly REALTORS =
stand to change the future of our planet! Realtors need to convince the =
public to buy houses that have roofs built of special solar panels that =
use solar energy to convert water into hydrogen and oxygen by day and =
then build up a reservoir of hydrogen in each separate house. =20
At night you simply refill your car from your =93Free=94 home supply of =
hydrogen. Of course you can then use any excess capacity to heat your =
home, run your appliances etc. Apparently this type of roof is now =
available at a cost of about $25,000 above current construction =
costs/methods. If that could save you $1000 per year in gas and $2000 =
in home heating bills the pay back is little over 8 years =96 it now =
becomes quite viable.
Ross=20
-----Original Message-----
From: [email protected] =
[mailto:[email protected]] On Behalf Of =
[email protected]
Sent: Monday, October 06, 2003 8:56 PM
To: CENTAPEDE
Subject: Should Los Angeles lady cash in her Canadian =
RRSPaccounts and bite the bullet - ask an income tax expert experts
Hi David,
You have been doing my taxes since I moved to Los Angeles 2 years =
ago--thank you. =20
Gail Ritter suggested to me that after I graduate (Ph.D.) and before I =
get my permanent residence here I should cash in my RRSPs. I have still =
to find out more about my superannuation, but I looked today at my RRSPs =
and they look terrible! Should I be optimistic enough to hang on to =
them for another 3-4 years, or would I be wiser to sell, and if I do, =
what kind of tax deduction, if any, would I get? Since I'm struggling =
to make it through school with tuition at over $12,000 a year, tax =
refunds, extra deductions, etc. are enormously valuable, and every time =
I think I can pay down my credit card, or my line of credit, my =
11-year-old car needs a new battery, or new tires, or something! On the =
other hand, at 55 I have no savings other than these RRSPs and the =
superannuation (which will be very small because I worked part-time the =
last few years of my job) and owe $22,000 Canadian borrowed for tuition =
to date.
Here is today's dismal picture of what I have (the time to get out of =
Ballard was exactly when the account was being transferred and =
inaccessible--talk about bad luck!).
Any thoughts would be most welcome. I assume that if you post this on =
the newsletter you will keep confidential the details of my dreadful =
financial picture!
CXXXXXX
My Balances as of Friday, October 03, 2003=20
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Cash Balance
Market Value
Equity
=20
=20
=20
=20
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Canadian Balances (in Canadian Dollars)=20
$ 131.91
$ 4,832.00
$ 4,964.00
=20
Combined Balances (in Canadian Dollars)*=20
$ 131.91
$ 4,832.00
$ 4,964.00
=20
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If you are holding Bonds in your portfolio, Accrued Interest may =
or may not be included in this online Account Summary.=20
=20
* Total Account Values do not include securities held in =
safekeeping. For example, if your account holds certain Canada Savings =
Bonds their value is NOT reflected in the totals.=20
=20
Display In: Canadian Dollars Settlement Currency=20
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My Canadian Positions (In Canadian Dollars) as of Friday, October =
03, 2003=20
Sort Alphabetically
=20
Position
Qty.
Price
Market Value
Book Value
Change
=20
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COMMON SHARES=20
=20
=20
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=20
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APPAREO SOFTWARE INC NEW=20
1,050
$ 0.00
$ 0.00
$ 1,540.00
$ -1,540.00
- Action - Buy Sell Quick Quote =
Detailed Quote Chart & First Call Snapshot Add to Watchlist=20
=20
BALLARD POWER SYSTEMS INC=20
150
$ 19.02
$ 2,853.00
$ 16,200.00
$ -13,347.00
- Action - Buy Sell Quick Quote =
Detailed Quote Chart & First Call Snapshot Add to Watchlist=20
=20
FUEL CELL TECHNOLOGIES CORP=20
230
$ 0.52
$ 119.00
$ 1,025.90
$ -906.90
- Action - Buy Sell Quick Quote =
Detailed Quote Chart & First Call Snapshot Add to Watchlist=20
=20
Sub-Total
=20
=20
$ 2,972.00
$ 18,765.90
$ -15,793.90
=20
=20
=20
=20
=20
=20
=20
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MUTUAL FUNDS=20
=20
=20
=20
=20
=20
=20
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C.I. GLOBAL SCIENCE & TECH SECTOR SHARES (203)=20
31.997
$ 11.06
$ 353.89
$ 1,430.00
$ -1,076.11
- Action - Buy Redeem Switch Quick =
Quote Detailed Quote Fund Profile Chart Add to Watchlist=20
=20
FIDELITY INTERNATIONAL PORTFOLIO FUND C$ (DSC) (530)=20
48.634
$ 24.87
$ 1,209.53
$ 1,697.55
$ -488.02
- Action - Buy Redeem Switch Quick =
Quote Detailed Quote Fund Profile Chart Add to Watchlist=20
=20
FIDELITY INTERNATIONAL PORTFOLIO FUND ISC (230)=20
13.509
$ 24.87
$ 335.97
$ 466.22
$ -130.25
- Action - Buy Redeem Switch Quick =
Quote Detailed Quote Fund Profile Chart Add to Watchlist=20
=20
Sub-Total
=20
=20
$ 1,899.39
$ 3,593.77
$ -1,694.38
=20
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=20
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Total value of all my Canadian Securities
=20
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$ 4,871.39
$ 22,359.67
$ -17,488.28
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david ingram replies:
My answer may surprize you because it means we charge you less after the =
2003 return but I have no problem giving it.
You should cash in your RRSP. At the moment, it is too small to be =
meaningful today. I do not think there is any chance that Ballard or =
Fuel Cell Technologies will ever recover to their former glory and my =
thought is that Ballard makes Bre-X look like a real gold mine. Making a =
fuss about Ford or Daimler investing in Ballard was all window dressing. =
Ford and Daimler did not invest in Ballard for any other reason than to =
be onthe inside "just in case" Ballard did come up with something of =
value. The Coleman deal has been a fiasco and my understanding is that =
the Vancouver Test on the buses was a sheer waste of time for BC Transit =
(or Caost Mountain Bus if you prefer).
If you sell it now, you will pay Canada 25% tax. There will be no tax =
to the USA. =20
That will give you a small nest egg to spend down at a $150 a month for =
a year and make life a little better now when things are really tight. =
In addition, although the reporting will be a pain this year (2003), you =
will then not have to bother with the RRSP reporting rules in the =
future. If nothing else, that makes your tax return preparation cheaper.
I will use this as a CEN-TAPEDE but will do my best to disguise you as =
usual.
Thanks for writing. =20
david=20
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed =
information or consultation and is to be regarded only as general =
comment. Nothing in this message is or should be construed as advice =
in any particular circumstances. No contract exists between the reader =
and the author and any and all non-contractual duties are expressly =
denied. All readers should obtain formal advice from a competent and =
appropriately qualified legal practitioner or tax specialist in =
connection with personal or business affairs such as at www.centa.com. =
If you forward this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
=20
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