I will lose 10 thousand dollars this week with BITK sharesSome time this week when I get a chance I will place an all or nothing order to sell 50 thousand shares @ 40 cents from my margin account. I paid 60 cents for this batch.
I'll then place an all or nothing order to buy 50 thousand shares in my RRSP account, thus triggering a 10 thousand dollar loss, while at the same time contributing $20 thousand to my RRSP account.
In essence I am crystalizing a $10K cap loss to offset some of my cap gains and will still own 50 thousand BITK shares.
If/when the shares go back to 60 cents or higher the gains will be tax free.
In order for all this to work as planned, shares have to stay at or near 40 cents. Watch for an RBC block trade.
GLTA