Comments on: Superficial Loss Rules in Canada http://wheredoesallmymoneygo.com/superficial-loss-rules-in-canada/ A personal finance blog written by Preet Banerjee Sat, 11 Feb 2012 16:22:10 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Preet http://wheredoesallmymoneygo.com/superficial-loss-rules-in-canada/#comment-8351 Preet Fri, 22 Jul 2011 03:33:30 +0000 http://www.wheredoesallmymoneygo.com/?p=983#comment-8351 If you ever get audited, it could certainly be dug up that way. If you ever get audited, it could certainly be dug up that way.

]]> By: john http://wheredoesallmymoneygo.com/superficial-loss-rules-in-canada/#comment-8350 john Fri, 22 Jul 2011 00:28:32 +0000 http://www.wheredoesallmymoneygo.com/?p=983#comment-8350 How would the CRA know that you rebought stocks in the registered accounts as you do not report them on your taxes? How would the CRA know that you rebought stocks in the registered accounts as you do not report them on your taxes?

]]> By: John Q Public http://wheredoesallmymoneygo.com/superficial-loss-rules-in-canada/#comment-7627 John Q Public Wed, 02 Mar 2011 01:35:21 +0000 http://www.wheredoesallmymoneygo.com/?p=983#comment-7627 Nope. No superficial gain rule. If you owe taxes, the government wants them immediately. Nope. No superficial gain rule. If you owe taxes, the government wants them immediately.

]]> By: Capital Loss Transfer http://wheredoesallmymoneygo.com/superficial-loss-rules-in-canada/#comment-5862 Capital Loss Transfer Wed, 16 Jun 2010 03:35:40 +0000 http://www.wheredoesallmymoneygo.com/?p=983#comment-5862 [...] You can read about superficial loss rules in more detail here (and why they aren’t THAT big of.... Essentially, if you sell a security at a capital loss and then buy back that same security within 30 calendar days you lose the ability to claim that capital loss – this is known as a superficial loss. [...] [...] You can read about superficial loss rules in more detail here (and why they aren’t THAT big of…. Essentially, if you sell a security at a capital loss and then buy back that same security within 30 calendar days you lose the ability to claim that capital loss – this is known as a superficial loss. [...]

]]> By: Preet http://wheredoesallmymoneygo.com/superficial-loss-rules-in-canada/#comment-5859 Preet Wed, 16 Jun 2010 02:29:30 +0000 http://www.wheredoesallmymoneygo.com/?p=983#comment-5859 Hi Matt, especially with specific advice you will want to verify with your own professional, but: The loss (superficial loss in this case) is added to your spouse's Adjusted Cost Base. In your specific example she would add $10 (your superficial loss) to her purchase price of $50 for an ACB of $60. She would need to hold on to the shares for at least 30 days though. Welch, LLP put out this information which might be of interest: http://www.welchllp.com/publications/news/Income_Splitting.pdf Hi Matt, especially with specific advice you will want to verify with your own professional, but:

The loss (superficial loss in this case) is added to your spouse’s Adjusted Cost Base. In your specific example she would add $10 (your superficial loss) to her purchase price of $50 for an ACB of $60. She would need to hold on to the shares for at least 30 days though.

Welch, LLP put out this information which might be of interest: http://www.welchllp.com/publications/news/Income_Splitting.pdf

]]> By: Matt http://wheredoesallmymoneygo.com/superficial-loss-rules-in-canada/#comment-5844 Matt Mon, 14 Jun 2010 23:09:23 +0000 http://www.wheredoesallmymoneygo.com/?p=983#comment-5844 I i trigger the superfical loss rules after completing a precribed rate to my spouse, does the asset assume my original cost base? ie: I buy RY shares at $60, sell at $50 within 30 days following this sale, I make a loan to my spouse and she uses the loan proceeds to buy RY at $50. Is her ACB $60? I i trigger the superfical loss rules after completing a precribed rate to my spouse, does the asset assume my original cost base?

ie: I buy RY shares at $60, sell at $50
within 30 days following this sale, I make a loan to my spouse and she uses the loan proceeds to buy RY at $50.
Is her ACB $60?

]]> By: Forex Trading: Income or Capital Gain Tax in Canada? | Quantisan.com http://wheredoesallmymoneygo.com/superficial-loss-rules-in-canada/#comment-2699 Forex Trading: Income or Capital Gain Tax in Canada? | Quantisan.com Thu, 08 Apr 2010 00:39:34 +0000 http://www.wheredoesallmymoneygo.com/?p=983#comment-2699 [...] a sale at a loss, then that initial loss cannot be deducted as a capital loss.  More about the Superficial Loss rules in Canada can be found at [...] [...] a sale at a loss, then that initial loss cannot be deducted as a capital loss.  More about the Superficial Loss rules in Canada can be found at [...]

]]> By: Superficial Loss vs Capital Loss Rules in Canada http://wheredoesallmymoneygo.com/superficial-loss-rules-in-canada/#comment-2698 Superficial Loss vs Capital Loss Rules in Canada Thu, 25 Feb 2010 18:04:59 +0000 http://www.wheredoesallmymoneygo.com/?p=983#comment-2698 [...] Link to a nice summary (with examples) of superficial loss rules vs capital loss rules in Canada. [...] [...] Link to a nice summary (with examples) of superficial loss rules vs capital loss rules in Canada. [...]

]]> By: Laura http://wheredoesallmymoneygo.com/superficial-loss-rules-in-canada/#comment-2696 Laura Sat, 04 Apr 2009 20:54:46 +0000 http://www.wheredoesallmymoneygo.com/?p=983#comment-2696 You're right, I should have been more careful to check the date on the article. With that misinformation in my head you can interpret what Gordon is saying incorrectly - my apologies!!! Laura You’re right, I should have been more careful to check the date on the article. With that misinformation in my head you can interpret what Gordon is saying incorrectly – my apologies!!!
Laura

]]> By: Preet http://wheredoesallmymoneygo.com/superficial-loss-rules-in-canada/#comment-2695 Preet Fri, 03 Apr 2009 20:12:54 +0000 http://www.wheredoesallmymoneygo.com/?p=983#comment-2695 @ Laura, Charles in Vancouver has kindly taken the words right out of my mouth - I am in full agreement with his comments. My belief is that you CANNOT sell, contribute and re-purchase the same securities (or even substantially the same securities) inside a TFSA or RRSP within 30 days and expect to claim a capital loss. But again, best to refer to your own tax professional for specific advice. Thanks to you both for your comments. @ Laura, Charles in Vancouver has kindly taken the words right out of my mouth – I am in full agreement with his comments. My belief is that you CANNOT sell, contribute and re-purchase the same securities (or even substantially the same securities) inside a TFSA or RRSP within 30 days and expect to claim a capital loss. But again, best to refer to your own tax professional for specific advice. Thanks to you both for your comments.

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