Personal Finance

CRA and Non-Qualifying Position

  • Last Updated:
  • Feb 4th, 2015 7:04 pm
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[OP]
Deal Addict
Aug 5, 2002
3413 posts
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Newfoundland (Former…

CRA and Non-Qualifying Position

I have a question and was wondering if someone would be able to provide me advice. I had a stock that has become a non-qualified position within RRSP. ie the company went bankrupt. I'm trying remove the worthless stock and my Broker (Questrade) would not allow me and instead I have to transfer the stock to a non-registered account which incurs a fee I believe. What I'm trying to do is remove the stock and hopefully don't get taxed by the CRA.

Are they allowed to do that? Also what happens with the stock and the CRA since there seems to be a tax penalty of 50% since it's non-qualified.

I was also wondering if I get the refund as it's kind of hard to understand the CRA language.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... p-eng.html

So if my stock became non-qualified position in 2014, does that mean if I remove it before the end of 2015, I would get a refund?

Thanks in advance.

Jeff
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