Tax Receipt for Investment Lost

[musicw]

Hi All,

I have sold some of my stocks in 2007, and there were lost in capitals. Will I be receiving a tax receipt for claiming capital lost? Or, do I have to request for it?

[Justin C]

Not very likely, you have to figure it out yourself.

[TopTaxGuy]

Typically capital losses are calculated directly.

If you have sold investments and taken a loss, you can only offset them against and capital gains you have had and reduce your net capital gains to zero! You can't deduct capital losses from other income.

If you only have excess capital losses you can carry them back three years and forward indefinitely to be applied to capital gains in those years. You need to contact the CRA to file amended returns for those years (it usually can be done with a phone call!).

[dutchca]

You should get a yearly trading summary from your brokerage firm that details out all your transactions. It will include the buy and sell for all securities. It is probably up to you to summarize from there.