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Superficial Tax Loss
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| apple |
posted on: April 15, 2009 at 11:04 pm
I was hoping someone could clafiy a question I have regarding capital losses in Canada.
My understanding of the superficial tax loss rule is that if you sell a stock at a loss, the capital loss cannot be recognized if the same stock is repurchased 30 days prior/post the selling of that loss. However, that loss does not just disappear and instead gets added to the overall cost base for that stock. Of course, once you make your final sell on that stock, the capital loss can be booked so long as you don't repurchase it again within 30 days.
The question is this: what if the final sale of that stock occurred on Dec. 18, 2008 and of course, I didn't repurchase the stock for another 30 days. Because the 30 day period rolls over into 2009, does that mean that the capital loss that I finally get to book has to occur in 2009 or can I book it for the 2008 tax year?
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