Tis the season to prepare for tax loss selling season, so we may be able to have extra cash available when searching for the proverbial babies in the bathwater. Since I am staring at a big tax bill sitting on about 80,000 dollars of capital gains, I decided to dump some of my losing holdings to offset at least a little of it with capital losses. Today I sold Geodrill and Bactech. The rules say that I cannot buy them back for 30 days (not sure if it's calendar days or working days, but my guess is calendar) if I want to write down the capital losses, so I have the option to buy them back at the end of the year. But for now, I will sit on the cash. I have heard some talking heads on BNN say that they are planning to dump Telus for tax loss harvesting, so Telus stock may become quite a bit cheaper come December. I will wait to see if any other stocks become an opportunity.
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1 Comments
L G@junky12 · 15d
Good stuff Phil..I have done this the last 3 or so years, selling a portion of my wife's big winners and trimming or selling her other holdings for tax loss harvesting.
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