Dumb basic question...

[stang]

2009 was the first year I made quite substantial income in the market and took profit out. Most other years were a wash or lose.
Dumb question - for tax reporting purposes how does RevCan know what I made?
I don't recall any reporting from my brokerage in the past.

[danmand]

2009 was the first year I made quite substantial income in the market and took profit out. Most other years were a wash or lose.
Dumb question - for tax reporting purposes how does RevCan know what I made?
I don't recall any reporting from my brokerage in the past.

The brokerage reports all trades to CRA. You will get a statement in january/february.

[SkyRider]

I don't recall any reporting from my brokerage in the past.

Your brokerage files a T5, T3 and T5008 with Revenue Canada that reports all your income and buys and sells. Or, are you using a foreign broker?

[kennedy1600]

If you have losses from prior years, you can refile those years (income and losses)....our former prime minister took advantage of that loophole.

[SkyRider]

2009 was the first year I made quite substantial income in the market

March 2009 was a once in a generation opportunity. The next such opportunity will be March 2029.

[stang]

March 2009 was a once in a generation opportunity. The next such opportunity will be March 2029.

That's for sure about 2009. But I don't want to have to wait to 2029!

[21pro]

Yes, it is true that the brokerage reports all gains (in fact all transactions) to the CRA, however, it is still up to you to disclose it to them... how's that for redundant...


March 2009 was a once in a generation opportunity. The next such opportunity will be March 2029.

Yeah, it was nice, but I also found similar opportunities and returns in my own portfolio in 2001,2002,2003 (all above 45% annual returns). So, I do think you can hit these more often than the market does... I was also glad to sell most my dud stocks during Beijing olympics when there was pretty low beta. 08 was still a tough year!

some current holdings swapped up in March that are buys today:

Motorola @3.10
Ford @2.11
General Electric @7.41
Fidelity Southern Corporation (Fidelity Bank & LionMark Insurance) @1.26
Vist Financial Corp @5.24
Iteris @1.01

also bought over the holidays:
TorStar @6.10 Dec. 17th
Hemisphere GPS @.72
Hartco @$2.60