How to go about securing the best return for your investment in Canada.
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CP/Craig Wong—Thanks to a rally this fall, the Toronto Stock Exchange is up for the year so far, but that doesn’t mean you don’t have any losers in your portfolio.
Now might be the time to cull those picks that haven’t worked out like you had hoped and use them to offset the taxes you owe on your winners, tax experts say.
Jamie Golombek, managing director of tax and estate planning at CIBC, says it has been a great year in the market for many, but that doesn’t mean investors don’t have losing stocks that could be sold.
“If you can do it before the end of the year, you’re going to able to use that capital loss to offset other capital gains that you might have realized earlier this year,” he said.
Now might be the time to cull those picks that haven’t worked out like you had hoped and use them to offset the taxes you owe on your winners, tax experts say.
Jamie Golombek, managing director of tax and estate planning at CIBC, says it has been a great year in the market for many, but that doesn’t mean investors don’t have losing stocks that could be sold.
“If you can do it before the end of the year, you’re going to able to use that capital loss to offset other capital gains that you might have realized earlier this year,” he said.
Pay less tax on rental properties
Even if you don’t have any capital gains this year, taking a loss now can still save you money if you have had capital gains in recent years or expect to have them in the future.
Losses must first be applied to any capital gains you have in the year you incur the loss, but once they have all been offset, the rest of your losses can be either carried back up to three years or saved to offset capital gains in future years…
CPPIB acquires 30-per-cent stake in BGL Group for $1.14-billion
– theglobeandmail.com
The owner of Comparethemarket.com was considering an IPO on the London Stock Exchange
