If clubs buy stocks from Toronto Exchange is there different tax filing requirements
Laurie Frederiksen on
Dear Don,
If you purchased stocks on the Toronto exchange, their shares would be traded and priced in Canadian dollars. You don't have any easy way in your club accounting to keep foreign prices updated so the valuations needed to keep your records correctly could easily become wrong.
There may also be tax issues you'd need to address. It would depend on the specific company involved.
To keep things simple, we wouldn't recommend you buy stocks on foreign exchanges. Many foreign companies list on US exchanges as ADR's. That might make things a little easier for you to keep correct club records, but it will still add complexity to your record keeping.
Again, different companies may bring different issues. As always, if you want details for a specific ticker, send it to us at support@bivio.com and we'll look and see whether we can get you a more specific answer.
Laurie Frederiksen Invest with your friends! www.bivio.com