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| *The Commerce Journal>>>Canada Taxes |
Capital Gain? |
I am confused with how to report capital gain Is it first in first out? for example In year 2005 I bought and sold Share PriceValue buy5000$1$5000 buy5000$2$10000 buy5000$3$15000 Total$30000 sell60002.5$15000 I am still holding 9000 shares What should I report as my capital gain? Thank you Unless you specified which lots you sold at the time you sold them, you have to average the market gain (less sales commissions) against the average cost. If you are selling large numbers of shares with very different cost bases, you should tell your broker to sell a specific tax lot. This will depend on whether you want to take a loss to offset gains, or take max gains to offset other losses. This question was asked in Canada. In Canada, you must use average cost method to determine capital gains; no other methods are permitted. FIFO does not apply to shares. However, if you do the math in the long run it works out the same. You should however minimize your tax now to get the most money now so you can have it or reinvest it now. Billy Canada doesn't use the fifo method. You have to combine all of your purchases to get an average price. If I'm reading your table correctly, you bought a total of 15,000 shares for $30,000. That makes your average purchase price $2 per share, so your gain is $3000. |
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