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11 votes
Accepted

How do you determine purchase date when there are multiple stock buys?

Brokers default to FIFO (first in, first out), so unless you instructed your broker to sell the shares purchased on 2/1/22 they will have sold the ones you acquired on 1/1/22. Since the holding period ...
Hart CO's user avatar
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5 votes

How much taxes do I have to pay when taking a withdrawal from a recurring investment purchase?

Tax rates depend on your overall income, so we can't precisely calculate it for you. But, given that you intend to hold the stock indefinitely and it qualifies for the preferential dividend treatment (...
littleadv's user avatar
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5 votes
Accepted

How is holding time calculated for long-term capital gains tax?

The holding time is calculated for each lot separately and you do need to specify which lot you're selling. Most brokers allow defaulting to FIFO or LIFO (i.e.: by default you'll be selling the oldest/...
littleadv's user avatar
  • 176k
4 votes

How much taxes do I have to pay when taking a withdrawal from a recurring investment purchase?

Tldr: Cost Basis. If I understand the question correctly, you want to know how much of that $1000.00 you took out on Jan 1 is taxable, not necessarily what your tax rate will be. Your rate depends on ...
am21's user avatar
  • 141
3 votes
Accepted

When you sell a business. Is it a long-term or short-term capital gains tax?

When you sell a share of ownership in a business, the capital gains tax rates a short term if you sell it within the first year of acquisition, and long term afterwards. If you sell a share of ...
littleadv's user avatar
  • 176k
3 votes

How is holding time calculated for long-term capital gains tax?

If I were trying to sell some shares on 01/01/2024, am I able to sell all of these shares and qualify the returns all as long-term gains? Yes. If I were trying to sell some shares on 01/01/2023, am ...
Hilmar's user avatar
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1 vote

What hapens to realized gains from commodities in *gnucash*?

The GnuCash engine doesn't handle things such as unrealised capital gains and retained earnings; the report generator does, based on the info in the price database. That is exactly what the ...
Jivan Pal's user avatar
  • 353
1 vote

What hapens to realized gains from commodities in *gnucash*?

GnuCash includes a realized gain on income/expense reports as long as there is a transaction split recording the gain as income. You generally need to create the split manually - which might be done ...
chrisg's user avatar
  • 151
1 vote
Accepted

Are everyday foreign currency exchange fees deductible with the CRA as a capital loss?

You cannot claim "hypothetical" losses. I.e.: "I could have gotten X, but I only got Y, so X-Y is my loss" - no, you cannot do that. You could have gotten Y because that's exactly ...
littleadv's user avatar
  • 176k
1 vote
Accepted

Do you use the trade date or settlement date for CRA reporting capital gains, especially for exchange rates?

You report your gains based on the transaction settlement(*) date. (*) from your comments this is the official CRA position. This is actually quite unusual, from my experience in the US and several ...
littleadv's user avatar
  • 176k

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