Everything Golf said is 100% correct. The only thing I would add is that the ACB reduction is irrelevant unless you are holding in a non-registered account (reg trading account). RRSP's dont track captial gains because it is all income (100% taxed) when you withdraw it, and TFSA's just go up in value. How the TFSA goes up is irrelevant.

Only those holding in non-registered need to adjust the ACB. For the holdings in registered accounts you will have some liquid to invest into other things. I wont suggest reinvesting in CUU at these prices. I would probably be drummed out as the new Village Idiot.

Nut