RE:RE:RE:Superficial lossIT-459 is old (1980) but seems to be the most informative document the CRA offers at the moment. Some accounting firms publish additional info, such as case law examples where investors have challenged the CRA after being declared 'traders' (or conversely, wanting to be 'traders', but being declared 'investors'). Good that you have an accountant for a qualified opinion.
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TOMMY1 wrote: Thanks TT - good to know and I will have to put this by my accountant to see if my trades are eligible. I found some archived information on the CRA website but nothing current:
https://www.cra-arc.gc.ca/E/pub/tp/it459/it459-e.html Thanks again!
TickerTwit wrote: This applies to capital gains only. If you are engaged in an "Adventure or Concern in the Nature of Trade" (as the CRA defines it), the superficial loss does not apply.
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TOMMY1 wrote: Be careful when selling to offset capital gains as the losses will not be recognised by CRA as capital losses if you have bought or sold within 30 days (before or after the sale date). These kind of losses are seen as "superficial loss".