TAXES, TAXATION, TAX and Canadian stocks Message Board

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Gold/Mining/Energy : TAXES, TAXATION, TAX and Canadian stocks

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To: Ron Schier who wrote (208)	10/16/2000 12:16:15 PM
From: Michael Dean	Read Replies (2) of 548

30 day limitation (which is actually 30 days prior to 30 days after, if I recall correctly) applies only to losses. There is no restriction on buying back a stock which you have sold for a gain but you will have to pay the taxes on the gain as of the inclusion rate at the time of the sale. This was to prevent one from selling and immediately rebuying a stock holding to get immediate benefit of the a loss for tax benefits, while effectively continuing to hold it long term. They don't care if you pay your taxes early by selling for a gain and then repurchasing. Too bad you hadn't held a bit longer. This CG tax inclusion rate reduction was widely anticipated, but not this soon I think. I lost out on this the last time through. md

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