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Message: Re: Price Drop
1
Sep 26, 2024 12:41PM
1
Sep 26, 2024 03:02PM

,,,well,,for tax loss purposes this dog will be a slave to those selling into the bids

I would suggest that you might not have to sell RVX shares to expose your tax loss.  See Section 50(1) of the income tax act.

https://castlemarkwealth.com/claiming-a-loss-on-worthless-shares/

I have used this before where I didn't want to sell a near dead dog but wanted to use the tax loss.  You write a letter to CRA citing section 50(1) and that the stock in question is from a company that has essentially ceased operating (criteria #3).  Not difficult to suggest in RVX's case. I was awarded the tax loss and my ACB was adjusted to zero.  If the stock ever recovers and is sold the entire disposition is a capital gain.

So Don't Sell this dog!  Just point to the dead dog and CRA may grant you a 'deemed disposition'.


3
Sep 26, 2024 03:29PM
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Sep 26, 2024 03:57PM
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