Thursday, June 12, 2003 9:39:17 AM
50% of your capital gain of the year is added to your taxable income, therefore taxed at your marginal rate.
50% of your capital losses can be deducted from your capital gains going back 3 years or forward 7 years.
Therefore to be able to account for capital losses, you must have had net gains within the last 3 years or keep them aside till you get some within the next 7 years.
Patiently,
Roger
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