December 2018 eUpdate - If you realized capital gains on the sale of assets this year, you may benefit from tax-loss selling if you hold assets in a non-registered account with unrealized capital losses. Selling those assets may allow you to offset your realized capital gains with realized capital losses. Read more..
logo smithfalconerfinancialgroup

Smith Falconer Financial Group

December 2018 eUpdate

Tax-Loss Selling

On December 5th, 2018, Smith Falconer Financial Group will be donating a portion of your Portfolio Partner® fees to help raise money to make a difference in the lives of children in our community.taxloss For those of you who are not enrolled in Portfolio Partner and are planning to do any tax-loss selling before year end, you may want to consider initiating these trades on December 5th in support of this cause.

 

Tax-Loss Selling, Is It The Right Option For You?

If you realized capital gains on the sale of assets this year, you may benefit from tax-loss selling if you hold assets in a non-registered account with unrealized capital losses. Selling those assets may allow you to offset your realized capital gains with realized capital losses.

 

Factors to consider:

  • The selling transaction must settle before the last business day of the year, which means you must place the trade no later than December 27, 2018.
  • You can apply the realized capital loss against any capital gains realized in 2018. If you have capital losses that cannot be used in full in 2018, you can carry the loss back to offset net capital gains realized in 2015, 2016 or 2017, or you can carry the losses forward indefinitely to offset net capital gains in future years.
  • The capital loss from the sale of a security will be denied if you or your spouse purchase an identical security within 30 calendar days of the date you sold the security.

We would be pleased to work with you and your tax advisor to determine if you can benefit from tax-loss selling this month.

We extend warmest wishes to you for a wonderful holiday season with health, happiness and prosperity in 2019.



Very best regards,

CIBC Wood Gundy


signature



Smith Falconer Financial Group


Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors.



333 Bay St.
28th Floor, West Tower,
Toronto, Ontario
M5H 2R2


Toll Free: 800 263.3803
Fax: 416 594.7951






RootsOfGrowth


416 594.7967
lois.smith@cibc.ca
linkedinlois  Connect on LinkedIn



416 956.6248
rodney.falconer@cibc.ca
linkedinrodney  Connect on LinkedIn