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PowerShares Financial Preferred ETF Message Board

  • ltbhdollars ltbhdollars Dec 8, 2004 7:51 AM Flag

    And the Beat Goes on

    Another poster was observant and noticed this in a PVX PR: "Under the terms of the Notice however, non-resident taxable and tax-exempt accounts will have tax withheld by the Canadian Government on their entire distribution, including the return of capital and return on capital portion."

    So it appears not only is the tax expansion alive and well, it could also cover NON TAXABLE accounts .... I have not seen this wording before and will be another deterent to US investing ... perhaps one that proves to be quite significant.

    Am attempting to spur discussion in number of areas but the one which could be most fruitfull (Cdn) has garnered no responses to date.

    NOTE: In US tabled means a bill is effectively dead, in Canada its diff ... third time tabled and its law.

    LTBH

    Begin Quote


    On December 6, 2004, Canada's Minister of Finance tabled a Notice of Ways and Means Motion to Implement Budget 2004 Measures (the Notice). The Notice does not include restrictions upon foreign ownership of mutual fund trusts as was previously proposed in draft legislation on September 16, 2004. Provident and the Canadian Association of Income Funds (CAIF) are pleased with the Canadian Government's decision to suspend proposed amendments pertaining to foreign ownership of income trusts. We believe the government's decision to pursue a consultative process on the matter of tax treatment of non-residents investing in resource property through mutual funds is the appropriate course of action and we look forward to continuing our dialogue with the Government.

    Under the terms of the Notice however, non-resident taxable and tax-exempt accounts will have tax withheld by the Canadian Government on their entire distribution, including the return of capital and return on capital portion. If passed as drafted, the Notice will be effective January 1, 2005 and will apply to distributions paid in 2005. Provident recommends unitholders seek advice from their personal tax counsels for more specific information.

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    • The wonders of technology

      Years ago the disgruntled parties would go up to the corner and beat the crap out of each other later on they started using knives and then escalated to guns now they are having their wee wee contests and relieving themselves using electrons over vast distances.

      Just imagine if we could train our heads of state to do the same how many of our most valuable assets, our offspring, could be spared from defending the egos of old men.

    • I was kind of surprised to see Mo jump on ltbhdollars yesterday. Mo was probably flying around doing trades and research and maybe made a mistake. Mo can do that, me to, I guess. anyway, then he comes back with posts between 4204 and 4214----and that stuff is worth the price of admission. when Mo comes swinging thru the window on a rope with sword in hand, I figure he's just had a rough morning playing Wall St. Pirate----robbing and pillaging can get a guy sort of keyed up...........

      last week I was sort of thinking junk was going to take a break, but it looks like the game continues. see what happens tomorrow.

    • tug,
      Mo is Mo, what can you say? At first I did not care for him, but he kind of grows on you. He's OK in my book. couple of questions: Would you buy more CLM if it were to go back to $8.35? What about DHY? Did you sell more DHY today? How many shares of CLM do you currently own (right now)? Would you buy more HYF if it went down to $6.00? OK, more than a couple of questions, sorry.
      No, I did not buy BTO as it does not meet my investing criteria (only monthly paying stocks).
      regards,
      pe5k

    • Mo has been called worse by experts in the field of name calling......and with little doubt, does merit such, as he can bring the worst out in people....including himself...

      i have seen many adopt alias screen names to attack MO.......including one who even took my name...only changed it to tug9boat...........

      with all of his faults, Mo has never seen the need to create a screen name to be crude......

      is this an important point, possibly not to most.....but to me it is.............i see the difference to be similar to that between voluntary manslaughter and murder........

      with one being heat of the moment vs preplanned...

      going after a poster in an obnoxious manner because you disagree with his post for investing related reasons vs. the sole intent to attack a poster for reasons having nothing to do with investing........though i abhor, distain and loath both......there is a significant difference to me, one i am not comfortable with....

      another point of consequence, such a preplanned post would not have been out of place on the TEI board, where Mo does most of his hanging...nor would it have bothered me in the least......is part of the boards personality

      have not felt this way since left the PHY board with intent to become a posting hermit....though admit the language is not as strong or quite as abhorrent.......

      have sold about $400,000 worth of portfolio in last day and a half (no BTO..save mousing)....looks like should be close to half million or MORE by days end......

      needless to say, am well off margin and will be busy making checks out to IRS & the state...

      RSF/RMH turned out to be quite rewarding, as did the deciscion to sell the RMH and go totally to RSF....though much of it is also hitting the chopping block.....best CEFJ play of year for the TIME involved...

      CLM has been cut in half at the 8.50 mark........with more going now at 8.52, all at a much too nice of a profit...save the last 15,000 shares purchased at 8.38 (more or less).....CRF, MGC and the merger that provided the CLM shares was no doubt the best continuing play of the year

      sold about 40% of HYF on the 6.25 fluke that was described earlier (though some of the 40% was at only 6.19)....all at way too much profit...again save the last 10000 purchased at 6.02 (more or less).....overall the best continuing CEFJ play of the year....

      the 50% gain for year with divs & distributions, is looking pretty solid.....

      guess thats about all i have to say........

      just opinions..............tug

    • Extensive discussion on this subject at ValueForum. The simple fact of the matter is, Canada's view is that trust income(as opposed to interest or dividends) has always been fully taxable. However, the DTC clearing house which processes all the transactions for the big brokerages re: CanRoys has taken the stand that trust income is covered by the reciprocal treaty on taxation between the US and Canada that also covers divvies and interest within retirement accounts, and refuses to remit the 15%. This one has a big resolution waiting on the horizon.

    • Tug--Aseop's Fables--I jut love them. Like the one about the farmer, his horse, and his son.---They decided to go to town. As they walked beside the horse they overheard a group of men say,"Man those two are daffy not riding that horse.---The son proceeded to mount the donkey. As they passed a group of women they overheard them say,"The young have no respect for their elders. Making his father walk."

      Well you know the father mounted the donkey and the son walked. As they passed a school they heard the students say,"Ain't that awful a father abusing his son."

      As they got near town they were really torn up so as the began to cross a bridge. The boy and son rigged up some poles and trided to carry the donkey into town, The town's people started laughing so loud the donkey spooked and drowned in the river.

      that will teach you an old man said who was following them."Please all, and you please none."--hahaha---------Cheers Tug, MO

    • Mo,

      lith has been especially kind and informative bringing news on CRTs here as well as offering his insights and understandings on them...his slower methodical approach is easy to follow and understand....i would hate to see him avoid coming here....i value him....

      thanks....tug

    • have shot a lot of rabbits, but yet to shoot a tortoise....likewise, lots more dead rabbits on the road compared to tortoise...........and have yet to get to the fable itself........

      just some country thoughts......tug

    • just now read....been busy reducing margin........

      did not know anything about this reverse table meaning stuff....assume you or someone else will keep us informed of the tables......

      as goes with my 'off the wall theory', suppose would not be surprised......

      but let me get this straight...on co's holding canadian taxes out at this time for reg accounts........

      in theory, you are just out of luck and not entitled to get it back?...

      but some have filed the foreign tax credit and are receiving it back?...

      the latter of which means nothing as the IRS gave slavery tax credits for two years before finding out there was no such thing (early prior post).....

      tug

    • eddie--Emerging market debt. Please buy small amounts in a diversified portfolio. The rates are respectable in this low rate environment. EM are the LAST BASTION. Why I say buy a small amount is we could have a currency crisis anytime first half of next year. This will be the timew to load your boat on EM debt.

      RRPIX be a safe haven. WIA and WIW are TIPS. These can insulate you. Don't go into too heavy. The global economy is weak, the bubbler has not worked itself out yet, merely glossed over with fiat money. Stock p/es too high, yeild on DOW way too little. We have a way to go down to historic stats to start to rebuild owr economy. Things are n ot as they are tgrying to make you believe.

      The fed. does not go to Great Depression era 1% unless they are scared to death--and still scared.-----------MO

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