Canadian General Investm... Share Discussion Threads

[skyship] 18/11/2013 16:05

...also the divi has just been increased; so will be interesting to see what the year end income divi and capital divi produces - not long to wait now.

[kinbasket] 18/11/2013 15:43

I often wonder the same. Then I wonder If I should sell up and move on. Then I remember I get a nice fat divi to wait. Then I go back to sleep. I actually added a few recently.

[skyship] 18/11/2013 14:19

Will this NAV discount ever close!!!
====================================
Toronto, Ontario, Canada - Canadian General Investments, Limited, a closed-end investment company, announces the following Canadian dollar values as at the close of business November 15, 2013.


Net asset value (unaudited) per common share: $25.19
Closing market price per common share: $17.16
Discount to net asset value per common share: 31.9%

[munin] 04/9/2013 17:35

I think that SalvorHardin is quite correct.
I hold these in a Halifax ISA and the quarterly dividends appear to have 15% tax deducted, the annual Capital Gains distribution suffers from no deductions.
However, I also hold these in a HL SIPP, and I suspect that they have deducted 25%,(I'm currently investigating this).
And, as he states, it is not uncommon for withholding taxes to be applied to capital payments.
You need to keep an eye on how your broker treats the payments, but if they refuse to treat them correctly, I'm not sure what you can do, other than switching your service provider.

[salvorhardin] 04/9/2013 07:58

The general rule is that withholding taxes are charged by countries against the income earned by foreign investors and they cannot be reclaimed.

So your dividends should be charged 15% Canadian withholding tax which you cannot reclaim even though the holding is in an ISA.

Investors used to be able to reclaim the tax credit on UK dividends paid on shares in ISAs but that hasn't been the case for many years (another Gordon Brown stealth tax).

The tax exemptions nowadays for shares held in ISAs are that there is no higher rate tax liability on dividends and no capital gains tax to pay.

Capital distributions, such as the year-end capital gains distribution, should not have any withholding taxes deducted because they are capital payments and are thus not income. Unfortunately overzealous brokers can sometimes deduct withholding taxes from capital payments.

[linhur] 02/9/2013 10:16

Can anyone confirm the position on withholding tax of 15% on dividends including capital distributions (posts 37 to 47) and does this apply to Isa accounts. I have a French holding in a TDW Isa and TDW withhold 25% and refuse to make any claims for refunds!

[tiltonboy] 29/4/2013 17:15

Looks like a roll-over of one Pref into another.

[skyship] 29/4/2013 15:16

Tilts - what do you make of that announcement today - the piece about the redemption of prefs and issuance to a dealer group?

[skyship] 10/4/2013 08:47

Added @ 1021p today. I was at 20% cash and finding it really difficult to find value anywhere, so adding to existing holdings.

[skyship] 02/4/2013 16:45

Moi! Ramp - perish the thought....

At least I now know why they're not standing at the usual discount to the Canadian price!

[tiltonboy] 02/4/2013 16:27

SKYSHIP,

Calm down!!

I'm steadily picking them up, so happy to see the discount stay wide for the time being.

I will let you know when to ramp them!!!

[skyship] 02/4/2013 16:24

Hit the same discount c6 weeks ago - bizarre really. Good discount, good currency, good yield - yet here we rest whilst MCT trade at a small premium!

They are bid proof of course with the managere owning c35%; but they really ought to do something to close that discount without bleating they can't make buybacks as to do so would breach Trust regulations by raising their stake. APPLY FOR AN EXEMPTION!!!!

[jhan66] 02/4/2013 08:11

First time I've seen CGI discount over 30%

[tiltonboy] 05/2/2013 17:39

Yes, ISA'able.

[skyship] 05/2/2013 17:01

Dual listing - so I assume so; but Tilts will know for sure...

[badtime] 05/2/2013 16:52

Is this one ISAble? TIA

[skyship] 15/1/2013 15:36

Tilts - well with ACD we should win both ways of course.

CGI - yes, marketability a problem; and presumably buying in Canada just raises costs...

[tiltonboy] 15/1/2013 15:33

SKYSHIP,

Nothing to add, it's just a useful income producing diversifier for clients.

Nice discount, but marketability and spread is poor. Trying to buy a few at the moment but can't get them at a decent price!

ACD might just sneak into 30th June with a discount of less than 10% at this rate, and avoid having to make the Tender Offer!

I'm just hoping that SIGG behave like ACD did; a long period of falling, and easy to pick up, and then some stellar performance.

[skyship] 15/1/2013 15:24

Hi Asmo - yes, a small proportion South of the border. Started 2012 with 92% Canadian; that had reduced to 87% by end Q3. But by and large it does what it states on the tin...

[asmodeus] 14/1/2013 14:53

I have been in this one for some years, and think you will find that it is invested not only in Canadian, but also North American shares. Unnfortunately, can't find the report at present, owing to moving house, and am having difficulty finding info. elsewhere!

[badtime] 14/1/2013 12:53

More thn happy with the update ..especially the share purchase

[skyship] 14/1/2013 12:11

TILTS/BADTIME

Cracking good news from ACD today don't you think?

I've done an Update on the JDT thread...

[skyship] 14/1/2013 12:07

Hi Both - for sure - a core holding & under the radar value.

# 24c in 4 quarterly taxable divis + 52c non-taxable "capital gain return" provides 76c for a 4.75% yield @ $16.00 (£10.10).

# All assets in Canada for some useful currency diversification

# NAV discount far too wide @ 28.3% (MCT is at 0%, sometimes at a premium!)

# That Panmure appt I reported above HAS to be a positive

TILTs - Glad to hear you believe this now worth buying into. Do you have any other plus points to add?