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

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To: Miner who wrote (507)	4/25/2002 5:48:05 AM
From: Johnny Canuck	Read Replies (1) of 548

>>Did your broker mention cumulative net investment >>loss "CNIL" when you talked. I think you have to carry >>this balance to accumulate all the expenses such as >>interest paid and safety deposit box fees. The part I am >>trying to figure out is, when do you use this? I think >>you are supposed to reduce any capital losses being >>claimed by this balance, but I have only seen this >>mentioned regarding farm properties or small business >>sales. Does it apply to investment gains? I just finised a first crack at my taxes. As far as I can tell you just enter the interest paid for margin on line 221 of your return. I don't think the CNIL applies to stocks. If you are looking to apply a capital loss from a previous year to the current year, you enter that amount of line 253 of your return. That has the effect of reducing your taxable income.

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