As I understand it, the Canadian rules are that you can use the capital loss if you have not bought any 30 days previous to the sale, and if you don't buy any for 30 days after. I assume, but don't know for sure, that these are calendar and not business days.
A big difference for Canadians vs Americans; In Canada you can carry the loss back, or save it for the future, you don't have to use it in this tax year. I hear it's quite different in the US, but don't know exactly how.
One thing I'd like to know; Is your RRSP considered a separate arms-length entity in Canada? This summer I realized a loss in a margin account, and by mistake re-purchased just inside of 30 days in my RRSP. Canada Revenue is unlikely to hear about this from me, but I'm just curious as to how they'd feel about it -g-
You're on to a good point here imho, Goldiger. I and several others I know have done our tax-loss selling some time ago, partly from learning to avoid that deadly December crunch and even to profit from it, and partly because it's been an unusual year with the BXM/GNU/DELGF effects. John Kaiser's advice was good -- "Sell into September rallies, get it over with, build cash for later bargains" -- something like that.
Also, with Winspear, any year-end tax-loss rush to sell will be coming just as anticipation mounts about the upcoming drill program, which would likely start around January (?). So imho it won't be a big problem.
But take that with a large grain of salt, as I'm the guy who said "A buck and a quarter by the end of October"! -g-
............ cheers .............. macros |
