Lightstream Resources Ltd. LSTMF

Energy Oil & Gas E&P

"Lightstream Resources Ltd is engaged in the exploration and development of oil and natural gas in Western Canada. Its operating areas include Southeastern Saskatchewan, Central Alberta, and North-Central Alberta."

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Lightstream Resources Ltd. > What do I do with my useless LSTMF shares?

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Comment by Oldfart74on Feb 16, 2017 12:34pm

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Post# 25855833

RE:RE:RE:What do I do with my useless LSTMF shares?

Pancho2 wrote: For the first time Oldfart contributed something useful - a Taxtips link.
Thanks.
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Tax rule subsection 50(1) states.

You can claim a capital loss only if the Corp has become bankrupt or insolvent
at the end of the year, and neither the corporation, nor a corporation it controls, carries on business
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LTS is still an on going business at the end of the year, so you cannot claim tax losses
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Pancho, you are so wrong. The Monitor issued a certificate indicating that all the Lightstream assets and business were sold on December 29, 2016 (the closing date). After that date, Lightstream owns nothing - no bank account - not even a pencil.