Based on the $BN's re-organization arrangement, Canadian non-registered shareholders are required to elect to receive the new Canadian BNC shares (The "exchangeable share") to defer the capital gains tax. (*You can safely ignore this if you are an US investor, only hold shares in registered account or has little unrealized capital gains for BN shares) From my understanding, leaving it alone (and receiving the new BN shares) will be a taxable event for shares in non-registered account. I've received an email from WealthSimple today to make this election including all the details. Once the transaction closes later this year, the 2nd step is to file a Section 85 joint tax election using the portal provided by Brookfield (brookfieldtaxelection.kpmg.ca) Here is an official tax Q&A from Brookfield: https://bn.brookfield.com/sites/brookfield-bn-v2/files/brookfield-bn/share-information/bn-and-bws-combination/bn-tax-qa-canadian-us-and-uk-shareholders.pdf
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15 Comments
Vish Al@viski · 15d
Very confusing for me 😅
Neil Manalo
@neilmanalo · 15d
Thanks for the heads up. Very beneficial if you do own lots of BN shares
Clantosa
@clantosa · 15d
Is the ticker for BN changing to BNC?
Susie G@swskg · 15d
Ah ok thx
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