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March 2, 2024

Tax Perspectives

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Please note that these publications may not be up-to-date as taxation matters are subject to frequent changes.

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Winter 2008
Volume 8, Number 2

The information in Tax Perspectives is prepared for general interest only. Every effort has been made to ensure that the contents are accurate. However, professional advice should always be obtained before acting and TSG member firms cannot assume any liability for persons who act on the basis of information contained herein without professional advice.

Quick Facts

By Howard L. Wasserman, CA, CFP, TEP
Cadesky and Associates LLP (Toronto)

  • Capital losses are deductible only against capital gains. Capital losses may be carried back three years, and carried forward indefinitely.
  • 50% of overall capital losses can be applied, with a tax refund rate of19.5% to 25%, depending on the province.
  • Non-capital losses may be carried back three years, and carried forward 20 years
  • The last date for 2008 trading on the Toronto Stock Exchange is December 24, 2008
  • The period before stock can be repurchased is 30 days, excluding the day the investment was sold or repurchased.
    (These days do not include the day the investment was sold or bought back.)
  • Prescribed rates of interest during the fourth quarter of 2008 are as follows:
    • 7% on overdue taxes, Canada Pension Plan contributions, and Employment Insurance Premiums;
    • 5% on overpayments; and
    • 3% on taxable benefits for employees and shareholders from interest-free and low-interest loans.