Main
Do You Own BCE Shares? (Part 2)
Posted on December 14, 2007 at 1:16 pm
Filed Under Canadian Taxes, Financial Planning, Investment Planning
In our last post, we discussed the potential implications that BCE shareholders would be forced to deal with in 2008. We also promised that we would provide three key strategies that could be used to compensate for the potential tax implications that may arise.
Your Take-Away: The first strategy you could implement is to decrease the income drawn from your other investments during 2008. This could help to counteract the large income that you will need to report based on the sale of your shares assuming a growth on your investment. The second strategy is to take advantage of any capital losses incurred throughout 2008 and any capital losses that may have been carried forward from previous years. The third potential strategy you can take advantage of is to donate your BCE shares in-kind to a registered charity. In this case, you would not be accountable for any capital gains tax on the shares you choose to donate AND you would receive a tax receipt for their market value. in the end, both you and your charity of choice would win.
If you own BCE shares at all, you have hopefully experienced some very positive growth over the years which unfortunatley comes with a tax burden. At the end of the day however, you’re only paying tax because you made a profit, and I can’t help but think that that is still better then claiming a capital loss!
Until next time, have a Fantastic Friday!
Chris
Comments
Leave a Reply
-
Subscribe
RSS Updates
-
Chris Karram, Principal Contact Chris Directly
Elisseos Iriotakis, Principal Contact Elisseos Directly -
My LinkedIn Profile
-
SAFEBRIDGE Visitors
View Chris Karram's profile