Need Emera ACB

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Gold Ring
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Need Emera ACB

Post by 2 yen » 20 Nov 2017 11:52

Hi. Mother-in-law owns Emera, which used to be Nova Scotia Light and Power. We want to help her figure out her cost base. The paper trail tells us how many shares of Emera she owns now and she has an incomplete paper trail back to NSPC with various purchases over time from about 1970 to 1985 or so. Do you have any suggestions on how to get a complete record of purchases and splits, etc that would allow us to figure out the cost base? We know who the current transfer agent for Emera is and have contacted them recently about an address change and change of direct deposit info. They were quite good to deal with. Has anyone been through this process to figure out the cost base?

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AltaRed
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Re: Need Emera ACB

Post by AltaRed » 20 Nov 2017 12:24

Usually Investor Relations of a company can provide historical values. One of the grunt jobs in that department. Try them.

One other point though. Depending on who did her taxes in 1994 and beyond, the tax accountant may have captured the February 22, 1994 'grandfathered' capital gain exemption (market price valuation for COB Feb 22nd, 1994) with the appropriate election to reset the ACB to the extent your MIL had cap gain exemption room available. Filing that election could have saved all/much/most of the unrealized cap gain through to budget day.

If there are no tax records from the 1994 tax year, it may be easiest to just 'assume' the election was done and thus ACB is whatever the market price was on COB Feb 22, 1994 and leave it at that.

http://www.ormack.com/capgain.html
http://support.drtax.ca/dtmax/eng/kb/dt ... 1/g403.htm
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Gold Ring
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Re: Need Emera ACB

Post by 2 yen » 20 Nov 2017 17:03

AltaRed wrote:
20 Nov 2017 12:24
Usually Investor Relations of a company can provide historical values. One of the grunt jobs in that department. Try them.

One other point though. Depending on who did her taxes in 1994 and beyond, the tax accountant may have captured the February 22, 1994 'grandfathered' capital gain exemption (market price valuation for COB Feb 22nd, 1994) with the appropriate election to reset the ACB to the extent your MIL had cap gain exemption room available. Filing that election could have saved all/much/most of the unrealized cap gain through to budget day.

If there are no tax records from the 1994 tax year, it may be easiest to just 'assume' the election was done and thus ACB is whatever the market price was on COB Feb 22, 1994 and leave it at that.

http://www.ormack.com/capgain.html
http://support.drtax.ca/dtmax/eng/kb/dt ... 1/g403.htm
Thanks very much for this, Alta!

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Gold Ring
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Re: Need Emera ACB

Post by 2 yen » 23 Nov 2017 12:35

Both AST, the current Emera transfer agent AND Computershare, the prior transfer agent told me on the phone that, with a signed letter requesting a search of missing stock purchase data, they would undertake such a search. We sent the letter to Computershare as they would have been closest in time to the old Nova Scotia Light and Power. I will report back with any results they turn up. I imagine many Canadians are in the same position of owning Emera, but having originally purchased the shares as NSLP. Especially for those with declining faculties, keeping accurate records may not be doable and important papers may get lost while moving, etc.

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AltaRed
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Re: Need Emera ACB

Post by AltaRed » 23 Nov 2017 12:40

Let us know how that works out for you. When I had to do all that stuff for my father's estate. I went back to the original sources, i.e .the companies themselves. In my father's case, he had a few mutual funds with re-invested distributions. He had no idea what that meant and thus records were terrible.
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