Quote:
Originally Posted by Brupal
My accountant reached out to me looking for the ACB of a mere 33 shares that got sold in my managed brokerage account. Naturally I contacted my top tier full service brokerage firm for the information and this is the reply I get:
I have been trying to find this ACB for Brookfield Infrastructure for you.
The following is the response that we received from our back office regarding the ACB:
“Due to the complexity of LPU's and the tax elections that the client may or may not have filed, we are not able to track an accurate book value; therefore, the book values are suppressed on the Summary of Security Dispositions and clients are responsible for calculating the correct cost when filing their tax return.”
I can’t wait for the day when CRA completes our taxes based on all of the information that they collect and the taxpayer simply signs off on that figure or provides evidence of extra deductions if they exist. Quibbling over a potential $100 gain that would cost more than that to track down seems ridiculous. Or maybe I’m out of line and should take my lumps over details beyond my control.
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I would honestly switch advisors over that. They should be able to provide that.