OTCPK:WSRLF - Post by User
Comment by
muley1on Mar 08, 2010 10:18am
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Post# 16855145
RE: RE: Question on calculating wzr capital ga
RE: RE: Question on calculating wzr capital gaXomoc
I am not an accountant but I beleive you have just given a good example of a situation where there is no actual capital gain. In fact in this situation if you have not declared any losses in the previous 3 years and have actually borrowed money to fund your investment account , you would also be able to include the cost of interest. Therefore your cost of investing over that time period may be $115,000 and your loss would be -$15,000 which could be carried to 2010.This of course could be used to reduce your 2010 capital gains by $15,000. Of course if you keep it in a TFSA, RRSP or LIRA you do not need to worry about this. However if it is in an investment account then every time you buy or sell you are making a gain or a loss. Hopefully your broker tallies this and near the end of February every year provides you with a statement. This is called a" Summary of Security Dispositions".
Good Luck! The Government taxes us from every angle! We certainly do not want to be paying them taxes when it is not warranted!!