Hello, David,
I transferred my stocks to my account in Canada in US fund after
I moved back to Canada from the USA last year. What will be the
cost base when I sell these stocks one day?
I sold some stocks held in my US account with a loss earlier this
year. Can I apply some loss to my Canadian equity capital gain
and/or Canadian income tax?
Thanks
..
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david ingram replies
The cost base is their value the day you officially moved back to
Canada.
Therefore let's assume that coincidently you bought three stocks,
A, B and C for $1,000 Cdn a stock while living in the US.
When you moved to Canada.
Stock A was worth $1,500
Stock B was worth $2,000
Stock C was was worth $500.00
one year later you sell all three stocks for $1,500
For Canadian Tax purposes, you made
Stock A (1,500 - 1,500) no profit and no gain
Stock B (2,000 - 1,500) a loss of $500
Stock C (1,500 - 500.00) a profit of $1,000
For US purposes your profit was (4,500-3000) $1,500
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