Talking About Financial Matters That Affect You and Your Organization
Tax Loss Selling Overview
Dec 2nd, 2022
As a resident of Ontario, Canada, you may be able to reduce your annual tax spending through a strategy known as Tax Loss Selling. This strategy involves selling investments that have decreased in value before the end of the tax year in order to offset any capital gains you may have made from other investments. By doing this, you can effectively reduce the amount of tax you owe on your capital gains.
Keep in mind that there are some rules and limitations to tax loss selling, so it's important to consult with your Selectpath financial advisor before implementing this strategy. They can help you determine if tax loss selling is right for your situation and guide you through the process.
You can use the illustrated guide below to help give you some ideas of how you can reduce your annual spending through TLS.