Tax-loss selling occurs when you sell a security at a loss in order to use that loss to offset capital gains in Canada. By using these losses to offset your taxable capital gain, you can save on income tax.
For example, if the deadline for tax-loss selling on the Toronto Stock Exchange was December 24, 2016 and you sold at a loss on or before that date, you could deduct your loss against your 2016 capital gains. However, you can also carry your loss back for the previous three years to offset capital gains in Canada, or carry it forward indefinitely, to offset past or future capital gains.
If you are considering making use of a tax-loss sale to minimize capital gains in Canada, you should also be aware of the “superficial loss rule.” This rule states that if an investor, their spouse or a company they control, buys back a stock or mutual fund within 30 days of selling it, they are not permitted to claim the capital loss for tax purposes. Failing to obey the 30-day rule will result in the capital loss being disallowed.
Tax loss selling can be an effective way to lower your capital gains tax. To continue profiting from your investments in general, use our three-part Successful Investor strategy:
Discover how to turn capital gains taxes to your advantage in this free special report, Capital Gains Canada: 7 Secrets for Managing your Canadian Capital Gains Tax Liabilities, from TSI Network.
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Tax-Loss Selling:
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Yesterday on TSI Network, we gave you our stock trading advice on Aastra Technologies (symbol AAH on Toronto), one of the investments we recommend in our new free report, “Tax-Loss Selling: 7 Christmas Stocks That Could Give You Huge Gains in the New Year.”
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If you’re looking for stock-market bargains, December is the best time of year to find them.
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Tax-loss selling (or tax-loss harvesting) is a strategy for lowering your Canadian capital gains tax that involves selling a security at a loss in order to offset your capital gains. You can then deduct these losses against your taxable capital gains in the current tax… Read More
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Tax-loss selling (or tax-loss harvesting) is a strategy for lowering your Canadian capital gains tax that involves selling a security at a loss in order to offset your capital gains. You can then deduct these losses against your taxable capital gains in the current tax… Read More
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