Journaling across accounts and T5008
Journaling across accounts and T5008
If I have a US denominated security that is also traded on a Canadian exchange, I can have securities journaled across from the US account to the CDN account which effectively performs a foreign exchange transaction (Norbert's gambit). Does anyone know if this 'transaction' is reported on the T5008 form?
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Re: Journaling across accounts and T5008
Ask your broker how/if they would report it. My view is that it shouldn't be as there is no disposition of the property.
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Re: Journaling across accounts and T5008
If it is the same security it will have the same CUSIP number and simply is a single share class that trades on more than one exchange. There is no disposition nor anything reported on the T5008. I've journalled Cdn interlisted shares to/from USD/CAD accounts with no transaction implication or reporting. Note however that the brokerages will NOT transfer the right Cost Basis over. They transfer at the current forex rate, not the forex rate in effect at time of security purchase.yogibo wrote: ↑09 May 2017 15:40 If I have a US denominated security that is also traded on a Canadian exchange, I can have securities journaled across from the US account to the CDN account which effectively performs a foreign exchange transaction (Norbert's gambit). Does anyone know if this 'transaction' is reported on the T5008 form?
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