Capital Gains follow up question from 11-03/04

Hi Kent, not sure my follow up to your answer was submitted correctly as not yet updated.

“Thanks Kent, I get the 30 days, it makes sense from a tax viewpoint.

1-Would the same 30 days apply if I sold in a margin account and repurchased in my Riff or TFSA?

2-If the majority of capital loss sells are completed in December am I better off to sell immediately and hope that that December selling pressures will allow an equal or better purchase price?

3-Is it 30 market or calendar days you are required to wait?

4-What are your thoughts on where to hold Canadian and US cash at present so the funds move relative to the indexes. Some thoughts I have are bond ETF’s such as XBB, SPID, monthly income etf XTR, preferred shares etf TPRF and REIT’s, CRT.UN or GRT.UN? Thank you so much for your assistance navigating these difficult times, Teresa

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Asked on November 9, 2022 12:56 pm

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Private answer

1. Yes. The same 30 day period can apply even if your spouse buys the stock. I'm going to drop the article for superficial losses. Have a read of it and make sure you're strategy is inline with what is legal. I wouldn't want you selling something, making a mistake and then not being able to claim the loss: https://turbotax.intuit.ca/tips/what-is-a-superficial-loss-6270#:~:text=A%20superficial%20loss%20occurs%20when,calendar%20days%20after%20the%20sale.

2. In a perfect scenario, yes. However the market is very unpredictable. Trying to predict it 30-60 days out is nothing more than guessing.

3. Starting 30 calendar days before and ending 30 calendar days after the sale. So it works both ways. you can't buy stock ABC in your TFSA and then sell your position in your cash account 25 days later to file a capital loss.

4. By this, do you mean you want to park some CAD and USD and earn interest? Drop a comment below and I'll answer when I see it.

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Posted by Dan Kent

Answered on November 9, 2022 1:21 pm

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