Can anyone shed some light on my issue? I have a Local Trading platform (Cisco Xnet) that will be dropping support for my Canadian stocks. I am currently in huge loss due to the entry time of the Cannabis Stock back in 2018.
Today the platform gives me the option to transfer or sell them. Are you able to receive these stocks in my portfolio in T212?
Stocks are: ACB.CA (Aurora Cannabis), RIV.CA (Riv Capital Inc) & TLRY.CA (Tilray Brands)
I know I know bags in general but I have about 5K invested in them and don’t want to force sale with huge loss.
T212 doesn’t support Canadian stocks, so no.
And a stock or its $ equivalent is the same thing, in money term. There is no such thing as “realizing a loss”; if anything, if you have capital gain tax, it may even be beneficial
No, no it isn’t lol
Money is money. Stock is stock. Stock exchange help to exchange money for stock, but is not stock. Transferring stock not taxable event [not a tax adviser]. Sell stock is taxable event.
Yes potentially beneficial, also potentially very much not beneficial. For example: in many countries there are tax implications for selling a stock then buying it back within X period. Governments make these implications a thing because otherwise you can artificially reduce your tax obligation by selling and rebuying stocks. This could push his buy-in price up again if he has to delay. Now he got screwed on the way out and back in again.
But the first bit is true, at least.
Old post to dig, but we were referring specifically to realized losses here.
I was pointing out that there is no such thing as realized losses, your wealth is unchanged from the stock ownership or the cash ownership; many people hold the belief that as long as they don’t sell, “they didn’t lose anything yet”, which is misguided.
In the case of realized losses, most capital gain taxes work to your benefit.
Assuming you don’t get caught in the path of wash trade regulations lol
Also, I blame the community for steering me here (I only noticed after I posted)