BNT
BROOKFIELD WEALTH SOLUTIONS LTD. CL A EXCHANG
stock TSE

Wealthsimple would handle this for free, I bet. But yes, a huge headache, and nobody can blame shareholders for walking away from this company for all the headache it's caused. I started by buying BPY-UN.TO. They took that into BN. I made a lot. Then BAM.TO, then BN.TO, with some residue BAM, and BNT... And everytime there is an offshoot, I feel like selling it, because I only really want to hold the main company, so it's a tax event. It's just too much.

BN is merging the spun out BWS back, and is creating a new corporate structure. Looking at the publications, it looks like "The New BN" will own "BWS" and "The New BNC"; "The New BNC" will then own "BN". BWS will continue to be domiciled out of Bermuda, whereas Thew New BNC will continue to be domiciled out of Canada.
It looks to me that If no action is taken, this will be a taxable event for BN holders.
BN holders will get a 1:1 ratio share exchange for The New BN (continue to trade under same ticker after the merger), but because of the new structure, it is considered that you've sold the old BN and bought the new BN.
I'm not 100% sure if I understood this correctly, but my understanding is shareholders can file request to defer the capital gains tax by filing some paperwork, and are then given the new BNC shares, so you'd be able to defer the capital gains tax. My interpretation on this is then you're only holding BNC, which is same as the current BN, and do not get exposure to BWS that it is merging into, but you're no longer "at the top of the chain" -- similar conversation when BAM was splitting out BN and BAM, with BN holding ownership to BAM therefore also getting BAM exposure; this is kind of reverse where BN and BWS is merging, if you elect to receive BNC instead, you don't get the BWS exposure.

Shareholder materials are available here: [https://bn.brookfield.com/reports-filings/shareholder-meeting-materials](https://bn.brookfield.com/reports-filings/shareholder-meeting-materials)

What are the thoughts around this? Looking at the charts, BWS (TSX: BNT.TO) since inception seems to be pretty close with BN, something seems to have caused a divergent in December of 2022, maybe a special dividend or some split, but after that it tracks pretty consistent again. Is there value to take a tax hit to go with the new BN or is it not meaningfully different enough, and better to just defer the taxes and switch to BNC?

Wealthsimple would handle this for free, I bet. But yes, a huge headache, and nobody can blame shareholders for walking away from this company for all the headache it's caused. I started by buying BPY-UN.TO. They took that into BN. I made a lot. Then BAM.TO, then BN.TO, with some residue BAM, and BNT... And everytime there is an offshoot, I feel like selling it, because I only really want to hold the main company, so it's a tax event. It's just too much.

BN is merging the spun out BWS back, and is creating a new corporate structure. Looking at the publications, it looks like "The New BN" will own "BWS" and "The New BNC"; "The New BNC" will then own "BN". BWS will continue to be domiciled out of Bermuda, whereas Thew New BNC will continue to be domiciled out of Canada.
It looks to me that If no action is taken, this will be a taxable event for BN holders.
BN holders will get a 1:1 ratio share exchange for The New BN (continue to trade under same ticker after the merger), but because of the new structure, it is considered that you've sold the old BN and bought the new BN.
I'm not 100% sure if I understood this correctly, but my understanding is shareholders can file request to defer the capital gains tax by filing some paperwork, and are then given the new BNC shares, so you'd be able to defer the capital gains tax. My interpretation on this is then you're only holding BNC, which is same as the current BN, and do not get exposure to BWS that it is merging into, but you're no longer "at the top of the chain" -- similar conversation when BAM was splitting out BN and BAM, with BN holding ownership to BAM therefore also getting BAM exposure; this is kind of reverse where BN and BWS is merging, if you elect to receive BNC instead, you don't get the BWS exposure.

Shareholder materials are available here: [https://bn.brookfield.com/reports-filings/shareholder-meeting-materials](https://bn.brookfield.com/reports-filings/shareholder-meeting-materials)

What are the thoughts around this? Looking at the charts, BWS (TSX: BNT.TO) since inception seems to be pretty close with BN, something seems to have caused a divergent in December of 2022, maybe a special dividend or some split, but after that it tracks pretty consistent again. Is there value to take a tax hit to go with the new BN or is it not meaningfully different enough, and better to just defer the taxes and switch to BNC?