Sale and purchase of Trailing Fee Mutual Fund

Question

I am sure other Canadians are affected. The bank "Sold" a Mutual Fund (CIB901) and bought a similar one (CIB107). There is no Capital gain incurred, so I do not want to Sell & Buy. I am thinking a "Corporate Spin-Off" might be a way of recording the transaction. Any thoughts out there on this, or a different approach?

wmckiernon · Answer

Thank you AndreM. For now, I just added the "new" Mutual Fund quantity with the price calculated from the initial total cost. I then Removed the Previous (riginal) Mutual Fund. I am sure I will hear of a better way to record the transaction. Thank you for articulating the issue so well

AndreM · Answer

@wmckiernon I have the same issue and asked some advice. I am @AndreM my discussion should be posted to this Canadian site shortly. I have tried everywhichway to adjust the cost base to no avail. Since my broker does reflect the accurate real cost base it is just an annoying issue in my registered account but not in my non-registered account.  I also have problems with Return of Capital where it adds the $amount to my cash balance and does not reflect in the cost base.

wmckiernon · Answer

NotACPA - Did that help you formulate a response to my question?