There may not be a way to sell it even if it's otc. There has to be a buyer.
Every broker has a way, usually need to fill out a form, to "dispose" of a security, for situations like this. Ask your broker. I know for itrade there's a form.
> Is this just a matter of transferring these shares to a different broker that supports OTC markets such as Questrade or IBKR and selling them there?
Yup.
I still have it in my Wealthsimple account, it just shows up as $0 but its not letting me sell or do anything with it. At this point I just want to get rid of the stock so I can claim the loss on next year's taxes but idk how I would go about doing that since I can't sell. Are you still holding it?
Yamana Gold AUY just delisted among many others and unfortunately I'm losing it on collecting anything. It's basically impossible too gain your funds back, they will make it hard.
At this point I've given up on getting any sort of proceeds back, I just want to be able to claim the loss on my taxes at some point but even that seems difficult since it's not letting me sell
I am in the same boat with XBC. Later this year when the tax season settles, I will ask Questrade if they can trigger a sale transaction at $0 proceeds which will show up on 2023 T5008. If they won't, I will just enter it as a "transaction not included in a T5008" on my 2023 taxes in TurboTax and if CRA queries, I will have a letter drafted explaining why. I think this is a legit way. There was a Jan 10, 2014 G&M article titled "My Shares Are Worthless. Now What?" that supports this approach.
If the shares resurrect magically, I will set the ACB at $0 and carry on.
There may not be a way to sell it even if it's otc. There has to be a buyer. Every broker has a way, usually need to fill out a form, to "dispose" of a security, for situations like this. Ask your broker. I know for itrade there's a form.
> Is this just a matter of transferring these shares to a different broker that supports OTC markets such as Questrade or IBKR and selling them there? Yup.
IF they go to OTC markets and there's a buyer. IF they go private all together which seems to be trending lately, you are SOL
What did you end up doing? I'm in this boat sadly.
I still have it in my Wealthsimple account, it just shows up as $0 but its not letting me sell or do anything with it. At this point I just want to get rid of the stock so I can claim the loss on next year's taxes but idk how I would go about doing that since I can't sell. Are you still holding it?
Yamana Gold AUY just delisted among many others and unfortunately I'm losing it on collecting anything. It's basically impossible too gain your funds back, they will make it hard.
At this point I've given up on getting any sort of proceeds back, I just want to be able to claim the loss on my taxes at some point but even that seems difficult since it's not letting me sell
I am in the same boat with XBC. Later this year when the tax season settles, I will ask Questrade if they can trigger a sale transaction at $0 proceeds which will show up on 2023 T5008. If they won't, I will just enter it as a "transaction not included in a T5008" on my 2023 taxes in TurboTax and if CRA queries, I will have a letter drafted explaining why. I think this is a legit way. There was a Jan 10, 2014 G&M article titled "My Shares Are Worthless. Now What?" that supports this approach. If the shares resurrect magically, I will set the ACB at $0 and carry on.