RE:RE:RE:RE:RE:RE:RE:analysisthanks ticker for the time you took in detailing your response.
I agree that if you rebuy within 30 days you trigger a superficial loss. That I was aware of. But to be clear, if you don't rebuy, but still hold a portion of your position, are you saying that you can not claim a loss on the disposed portion? I am not trying to be difficult - I just want some clarity as looking back I have claimed a loss without disposing of ALLl of my position. In no case did I rebuy within 30 days of the disposition. In your view, and I appreciate that you do not claim to be a tax expert, is what you and coop are saying that I can not own ANY of a particular stock to claim a loss on the disposed portion? I usually do a rough draft for my accountant to save $ in preparing the return, but he is supposed to double check it but realistically he wouldn't have known that I still was holding positions I guess. Hope this makes sense what I am asking for clarity on.
TickerTwit wrote: Dan,
See the CRA Capital Gains Guide, T4037(E) Rev.14, page 36. There may be a newer revision now.
(1) The meaning of an "affiliated person" includes anything you control, therefore rebuying in one of your registered accounts will trigger a superficial loss.
(2) If you claim a loss for a disposed property, you may not own identical property at the end of the exclusion period or it will trigger a superficial loss. Therefore you must fully eliminate your position in the property within 30 days.
I have read of claiming a partial loss if you buy back a lesser amount of identical property within the 30 days, but this was not in a CRA document:
(1) and (2) are my interpretation of what is written in T4037. I have seen many 'tax expert' articles that agree, and none that disagree ... but as you likely are aware, CRA is not bound by any written document, even if they wrote it. Hope this is of some use, even if just to motivate caution. I am not a tax expert.
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DanKwong1958 wrote: tickerTwit, I was not aware of this. Can you post the relavent section form the CRA website?
I have an accountant who has claimed losses against my gains in situations where I have not completely sold out of positions. But these situations that come to mind I have not rebought stock. Does that matter? Thank you very much, I use Collins Barrow and every question costs me $, as they bill me buy the 10 minute interval and drag out all their responses, of course.
TickerTwit wrote:That is my interpretation as well. To avoid a superficial loss, it must be a complete divestiture in all accounts, including registered accounts.
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Coop007 wrote: My understanding of revenue Canada is you cannot own the stock AT ALL
You will need to sell All stock for 30 days to claim cap loss, This as far as i see includes what you have in TFSA & RRSP