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Discussion Starter · #1 ·
Hi All,
I sold some bank stocks back in October and realized some capital gains. I then repurchased the same stocks shortly afterwards (early November), but the prices have dropped since then. Is it possible to sell them at a loss now (late December) to reduce the capital gains realized earlier? Would I list both the first (gain) and second (loss) transactions for each on Schedule 3? Not sure what my options are.
Thanks for any clarification.
 

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Discussion Starter · #3 ·
Thanks, Jimmy. I know about the 30-day rule, but as I initially sold at a gain, I didn't wait before repurchasing. So I will just list the two separate transactions.
 

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The way I read it, the first sale for a CG won't matter as there is no loss (i.e. does not meet criteria one).
Buying less than thirty calendar days before the sale for a CL meets criteria two and one, respectively.

The key to being able to claim the CL this tax year then seems to be to make sure third criteria of ownership/right to buy is not met.
Avoid buying this bank stock (or a person affiliated with you) for thirty calendar days after the sale and as I read it, you are fine.


Cheers
 
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