End of Canadian tax season

The last chance to dispose of stocks on the TSX will be at 12:59pm EST on December 24, 2015. These trades will settle in the 2015 calendar year. The exchange is closed on December 25, 2015 and also December 28, 2015 (in lieu of the December 26 Boxing Day holiday). Trades conducted on December 29, 2015 will settle in 2016.

Our American cousins journal their trades for taxation purposes on the transaction date and not settlement date, so they have up until December 31 to make their last-nanosecond trading decisions for tax purposes.

I have been insanely busy lately dredging the recent trainwrecks (mainly relating to oil and gas) and have been finding material of value, hence I haven’t been writing much here.

4 thoughts on “End of Canadian tax season”

  1. I did not know the US was different….thanks for that nugget Sacha….may still be a few bargains to come on the US side.

  2. But I thought if you are a Canadian trading US stocks, the realization of the gains / losses for your Canadian income tax reporting purposes is still base on the settlement date?

  3. I think your right Will…..but I’m looking to buy, and maybe our US cousins will still be dumping for tax loss purposes up to the 31st.

  4. This is a CRA vs. IRS interpretation matter, so a Canadian trading US stocks would face the same situation concerning which tax year to journal the disposal in.

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