My shares at .185
posted on
Dec 30, 2011 10:39AM
Adding Diamonds to the "Ring" of Fire
Here is something to consider if it has happened to anyone else. My shares showed up in my cash account today. The average price is listed at .185 and the total book value reflects that price. I would rather have them listed at .35 so that if I sell at $1.00 the capital gains will be from .35 and not from .185. Or, if it tanks, my claim for a capital loss will be from .35 down to 0.00 and not just from .185. So, I called my broker.
They said that Revenue Canada will be informed by KWG or DDI that the price should be .35 and they don't think that I would ever have a problem if I claimed my gains or losses from that starting point regardless of what my account information states.
However, I decided that I may forget this when it comes time to sell or perhaps somebody handling my estate would not know this. I would hate to forget and pay more capital gains than necessary, we already pay enough. So, I decided to have it changed now to .35. It was pretty easy for me to do myself on line in my Scotia account.
Just thought that I would mention this in case somebody else has their shares posted at less than .35 and were not aware that .35 has previously been deemed the value of these shares.