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: Crusader who wrote (454)	10/25/2001 3:01:27 PM
From: Sultan	Read Replies (1) of 548

The way it works, as far as I understand is you have to actually sell your losing stock this year and then decide whether you want to carry forward this loss meaning, you will apply it in future years against gains .. or you can decide that you will apply it against taxes already paid in previous year.. hence carryback.. In both instances, you are allowed 3 years of carry forward or carry backward.. So if you claim 9000 losses this year, you can apply all of it to gains of 2000.. Mind you, because inclusion rate is different in these two years, you will have to figure out how exactly it would work out.. Like I said, no easy and quick answer.. You got to read through all the documentation and look through your numbers.. Messy.. FWIW.. This is not an advise and may or may not be 100% accurate because I have just skimmed through it..

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