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L
lovers
Level 2
April 23, 2021
Question

T5008 movement of investments to another bank

  • April 23, 2021
  • 1 reply
  • 4 views

We moved our investments from Odlum Brown to RBC.  We have a t5008 from Brown with capital gains. Can we offset this amount or do we have to pay the gain.

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1 reply

J
janisbossenberry
Level 7
April 23, 2021

You can only offset the gains with capital losses previously incurred, or incurred in the same year.  Also, if you moved them from a non-registered account to a registered account (such as a TFSA), any losses incurred on the transfer are denied, but capital gains are taxable.

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