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Quoted By: >>942517
So I've got a bit of a dilemma and not quite sure what to do.
It revolves around the tax free savings account the Canadian gov offers.
Right now I have some investments in just a regular account, and of course I get taxed on those.
I have shifted my investing strategy into DRIPS for the most part.
And in the account I have a a few dead stocks that has basically crashed and burned into huge (relative) losses.
Now, currently with I am down about 5% in book value, but I have been receiving regular dividends.
I would like to convert my brokerage account into a TFSA, but if I do that for tax purposes it would be like I sold and rebought my shares and therefor I would pain any capital gains tax on earnings.
But as of right now my earnings are slim, except for maybe around 1k in dividends.
So what should I do ? Should I convert it over to a TFSA now or wait until I have a better year and do it then so my losses will offset the gains ?
It revolves around the tax free savings account the Canadian gov offers.
Right now I have some investments in just a regular account, and of course I get taxed on those.
I have shifted my investing strategy into DRIPS for the most part.
And in the account I have a a few dead stocks that has basically crashed and burned into huge (relative) losses.
Now, currently with I am down about 5% in book value, but I have been receiving regular dividends.
I would like to convert my brokerage account into a TFSA, but if I do that for tax purposes it would be like I sold and rebought my shares and therefor I would pain any capital gains tax on earnings.
But as of right now my earnings are slim, except for maybe around 1k in dividends.
So what should I do ? Should I convert it over to a TFSA now or wait until I have a better year and do it then so my losses will offset the gains ?
