On March 5th I purchased 70 shares in Brookfield Renewable Partners (BEPC) for about $24 per share. Brookfield Renewable operates one of the world’s largest publicly traded platforms for renewable power and decarbonization solutions. Their portfolio consists of hydroelectric, wind, solar, distributed energy and sustainable solutions across five continents.
I've owned BEP a few years ago. As a result of U.S. Internal Revenue Regulations taking effect 1 January 2023, new withholding charges are applied to sales proceeds from certain Publicly Traded Partnerships ("PTPs”) held by investors who are not U.S. taxpayers. The amount of withholding is 10% of sale or distribution proceeds. This means 10% of the amount of funds that would settle resulting from any transaction or distribution, not just 10% on any calculated profit. Therefore I sold my BEP position prior to this new regulation coming into effect.
BEPC is not a PTP since it is a regular Canadian corporation, listed on the New York Stock Exchange.
This purchase will add about $100 to my annual dividend income.
No comments:
Post a Comment