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Martin also has a T5 slip from XYZ Corp showing $1,000 in Box 24, $1,380 in box 25 and $207.27 in Box 26.
In addition, Martin has a margin account with a discount brokerage firm. His annual statement from the brokerage firm shows:
Interest paid to you: | $540.00 |
---|---|
Interest paid by you: | $1,250.00 |
Martin purchased 10,000 shares of XYZ Corp in 2015 with an ACB of $5.65 per share. During 2018, he purchased an additional 5,000 shares at a cost of $40,000 plus brokerage fees of $245. He sold 4,000 shares for $36,800 (gross). A brokerage fee of $160 was deducted before he received the proceeds.
In December, Martin also transferred 1,000 shares of XYZ Corp to his RRSP and has an RRSP receipt for transferred shares of $9,000 and another receipt for contributions he made in the year of $6,000. Martin’s RRSP contribution limit as shown on his 2017 Notice of Assessment was $47,000.
In 2017, Martin had a large capital loss. After carrying losses back to prior years, he had a net capital loss of $10,000 to carry forward. Martin has instructed you that if he has a choice, he would rather claim these capital losses in full in the year against capital gains, rather than claim his full RRSP deduction. His reasoning is that he is not sure when he will have capital gains to report again, but his RRSP contribution can be deducted against all income next year