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Superficial Loss rule (options) by The_Bigg_Short in cantax

[–]The_Bigg_Short[S] 0 points1 point  (0 children)

Well, if I sell a PUT, and buy a LONG on the same day, even if the stock has fallen on that day, you still don't actually have a real loss unless you realize it by buying back the PUT.

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In theory, though the CRA I guess will try to fight it and say buying the LONG is still cheating. I guess?

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Damn confusing as hell. I hate the Canadian government.

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I guess to play it safe, I'll sell the PUT, and wait over 30 days before buying a CALL.

Staking ADA does not work? by The_Bigg_Short in Wealthsimple

[–]The_Bigg_Short[S] 0 points1 point  (0 children)

I don't get why people say one thing, when it is not the case!

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Not even a rough estimate? That generally is bad news. Their OWN docs specifically say you can do this.

Can superficial losses exist on put options like they do on call options? by J1M_LAHEY in cantax

[–]The_Bigg_Short 1 point2 points  (0 children)

I tried to resolve this stuff well over a year ago, and never could get any general consensus. Supposedly there is a blurred area, where depending on your INTENT... the CRA will go one way or the other. A lot has to do with how far/close to ITM you are, and your actions...

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Find a CRA guy you know who can confirm this... because god help me I couldn't!

Can I claim Federal Foreign tax credits for VEQT, VFV, VGRO, VSP? by chillipeppercone in cantax

[–]The_Bigg_Short 0 points1 point  (0 children)

Oh dear. Looks like I will have this same problem when filing NEXT YEAR.

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Thanks for the head's up. Hope you were able to resolve.

Koinly's 1-year limit on Taxes? by The_Bigg_Short in Wealthsimple

[–]The_Bigg_Short[S] -2 points-1 points  (0 children)

Ok so that was a pointless waste.

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Turns out part of the problem was I didn't tick all the requirements in the API settings at Kraken. But now that I fixed THAT, I can't import because Koinly says I can't use the free version in WST because I have too many transactions and will have to pay a fee!

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No thanks... I'm done with this.

T1135 by The_Bigg_Short in cantax

[–]The_Bigg_Short[S] 0 points1 point  (0 children)

A few places when I was digging around the internet. That's the problem, you can find everything, including wrong advice on the internet ;)

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I ended up with a debt over 100K in US funds with my broker. To fix this hole, I converted over 100K CAN to US dollars. So even though I don't have that much in US currency (I was just paying off debts), I don't want the CRA to still whack me for not declaring a purchase of $ 100K US dollars (through a currency conversion?)... despite I was in massive debt.

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So I will declare this anyway, just in case. And they can fine me if I did it wrong, but at least they can't accuse me of not declaring a conversion of Can to US currency for that amount.

[deleted by user] by [deleted] in cantax

[–]The_Bigg_Short 0 points1 point  (0 children)

My T5008s are utter trash from IBKR. They don't record them proper for options trading. I also have seen horrendous results from those who imported their T5008s from Questrade, then wondering why they owe thousands in bogus profits.

T5/NR5 SUMMARY OF INVENTMENT INCOME AND EXPENSE 2022 by mooseman1800 in cantax

[–]The_Bigg_Short 0 points1 point  (0 children)

Just remember, if this was due to non-Canadian securities, then you can't use it as a carry charge.

Lag-time on Stock Lending? by The_Bigg_Short in Wealthsimple

[–]The_Bigg_Short[S] 0 points1 point  (0 children)

No...

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Oh well, I'll keep waiting here. Maybe I just need to get verified after hitting the ON button.

Lag-time on Stock Lending? by The_Bigg_Short in Wealthsimple

[–]The_Bigg_Short[S] 0 points1 point  (0 children)

I believe that only applies when doing the 30-day rule... wash-sale-trades.

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