TDDI'S T3 available now

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johnsmith1
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TDDI'S T3 available now

Post by johnsmith1 »

just a quick question, box 42 is for ACB, So just add box 42 to my cost base.

how about 23,25,26,34,49? Is there any formula to link all these numbers?

VFV etf t3 is still pending
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AltaRed
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Re: TDDI'S T3 available now

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They are types of income generated by the holdings in the ETF, and/or foreign taxes withheld and are inputed into the appropriate lines of your tax software. For an explanation, look at the back of your T3.

23 - Cdn dividend income not eligible for the dividend tax credit
25 - Foreign non-business income (typically from non-Canadian sources such as US stocks)
26 - Other Income, e.g. often from REITs
34 - Foreign withholding tax...on the income received from Box 25 and shows up as a tax credit on Schedule 1
49 - Actual eligible dividends received, typically from Canadian dividend paying stocks. Box 49 is then grossed up to Box 50, and Box 51 is the tax credit you get on your tax return against the grossed up number in Box 50

What now is the problem? It all works out in the wash in the calculations in your tax software.

Added: The detailed summary that came with the T3 will itemize the breakdown for each of the 4 distributions in 2016.

Added again: Per the detailed summary.... 23+26+25+49+42-34 might equal the actual distributions (income) you received from your ETF in 2016. That is assuming there is no other data in any other boxes such as Box 21 cap gains. None of these boxes (other than Box 42) affects your ACB.
Last edited by AltaRed on 22 Mar 2017 14:39, edited 1 time in total.
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DavidR
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Re: TDDI'S T3 available now

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johnsmith1 wrote: 22 Mar 2017 11:41 just a quick question, box 42 is for ACB, So just add box 42 to my cost base.
Wrong - box 42 must be deducted from your cost base.
johnsmith1
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Re: TDDI'S T3 available now

Post by johnsmith1 »

Thanks David!
DavidR wrote: 22 Mar 2017 13:19
johnsmith1 wrote: 22 Mar 2017 11:41 just a quick question, box 42 is for ACB, So just add box 42 to my cost base.
Wrong - box 42 must be deducted from your cost base.
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