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Royal Bank of Canada (RY)
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Toronto-Dominion Bank (The) (TD)
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Bank of Nova Scotia (The) (BNS)
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Canadian Imperial Bank Of Commerce (CM)
Q: I have a loss in CM which is matched by an equal gain in TD.
Was thinking to sell both and buying equal amounts of BNS and RY.
All are in a non registered account. Is the tax loss accepted?
Would you recommend any changes back after 30 days?
Was thinking to sell both and buying equal amounts of BNS and RY.
All are in a non registered account. Is the tax loss accepted?
Would you recommend any changes back after 30 days?
5i Research Answer:
Since they are completely different companies the superficial tax loss rule will not apply in the example given. We might see RY (the largest bank) and TD as the best combo 30 days from now in an uncertain environment.