In this episode of TaxBreaks, Kenneth Keung and Kim GC Moody discuss year-end tax loss selling that is very common towards the end of the calendar year. The objective of tax loss selling is to try to claim losses on non-registered investments against realized capital gains so as to reduce capital gains taxation upon filing of the relevant individual tax returns for the applicable year. But what should you consider? Kenneth and Kim discuss the "30 day rule" known as the superficial loss rule, how to calculate adjusted cost bases, losses that are denied when a "personal-use property" loss is triggered and planning that might be available when transferring property to non-affiliated individuals. Happy listening!
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Moodys Tax Law is only about tax. It is not an add-on service, it is our singular focus. Our Canadian and US lawyers and Chartered Accountants work together to develop effective tax strategies that get results, for individuals and corporate clients with interests in Canada, the US or both. Our strengths lie in Canadian and US cross-border tax advisory services, estate planning, and tax litigation/dispute resolution. We identify areas of risk and opportunity, and create plans that yield the right balance of protection, optimization and compliance for each of our clients' special circumstances.
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