HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: Re: Are intrerset paid from a margin account deductible?
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Are intrerset paid from a margin account deductible?

jackwho
Jan 10, 2009 09:32AM
Re: Are intrerset paid from a margin account deductible?

vermillion
Jan 10, 2009 10:05AM
Re: Are intrerset paid from a margin account deductible?

antlizzie
Jan 10, 2009 10:10AM
Re: Are intrerset paid from a margin account deductible?

vermillion
Jan 10, 2009 10:31AM
Re: Are intrerset paid from a margin account deductible?

vila
Jan 10, 2009 10:39AM

Vila, here is what I found concerning the line 221 on the income tax form:

"You can claim the following carrying charges and interest you paid to earn income from investments:

  • Most interest you pay on money you borrow for investment purposes, but generally only as long as you use it to try to earn investment income, including interest and dividends. However, if the only earnings your investment can produce are capital gains, you cannot claim the interest you paid."

So, if I'm reading corectly, you cannot claim a deduction for the interest paid after buying stocks on your margin accopunt because it is solely for capital gain purpose.

Here is the info:

http://www.cra-arc.gc.ca/tx/ndvdls/t...







Re: Are intrerset paid from a margin account deductible?
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vila
Jan 10, 2009 11:24AM
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