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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The ACB of the shares wasn't on the investment statement for the month just before you sold the shares?
Ask the advisor if they can confirm what date you acquired those shares and plug in the share value on the date of acquisition. Just make sure you choose the correct ticker (BIP-A, BIP-B or BIP-C when you look it up).
Agreed with bizaro86 though. Assuming you acquired and disposed of that share while at the same brokerage, that's kind of a bull#### response. I've seen other situations where the values weren't available or accumulated dividends/interest over a fiscal year instead of a calendar year wasn't available on the regular statements, so the advisor pulled the necessary monthly statements and manually calculated the requested information.