You can use your 2013 capital losses to reduce your current year’s income taxes by applying such losses against your 2013 capital gains. You must however be careful of the superficial loss rules preventing you from claiming a capital loss on an identical asset that you reacquired 30 days before or after the sale date.
If capital gains were realized in the years 2010 to 2012 and net capital losses were incurred in 2013 then you can carry these losses back against previous years’ capital gains. You can carry the unused 2013 losses forward to future capital gains.
The last 2013 transaction date effective for publicly traded securities is December 23, 2013.
After graduating from the University of Calgary with a Bachelor of Science degree in Computer Science, Gerald joined KPMG (Formerly Thorne Riddell) as a Computer Accounting Customer Service representative. In this position, Gerald installed accounting systems in over 200 different small to medium sized companies over a 6 year span. In 1989, Gerald left KPMG to continue to work with small business clients in his own corporation installing computer accounting systems. While in this role, he was engaged by the DeVry Institute of Technology in Calgary to teach various courses. In time, Gerald moved up through the ranks of DeVry until he attained the position of Director of Finance for the Calgary Campus. He also acquired his Masters of Business Administration from City University of Seattle, Washington in 2001. Gerald’s career has always been focused on small business, accounting and education.
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