rb Posted March 13, 2018 Share Posted March 13, 2018 This post may belong in the Personal Finance section. However I posted here instead to get more coverage since I know that a lot of board members use IB. If Sanjeev deems that I've erred I figure he will move it and I apologize in advance. In preparing the T5008s IB uses the FIFO method. This is wrong and it will presumably result in higher taxes in a lot cases. In Canada you must use average cost for your cost basis. I spoke to IB and they confirmed that they use FIFO accounting for all T5008s. They also said that they've received approval from CRA to do that. I then reached out to my contacts at CRA and they confirmed that you must use average cost and that it is the only method they'll accept. They further confirmed that no approval has been issued to anyone to use a different method of accounting of capital gains. Cheers. Link to comment Share on other sites More sharing options...
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