I'm not sure if this is something that belongs here...
I was one of the unfortunate people who lost money in the Nortel business shut down, and I still have some worthless stocks on my account. How can I claim the capital loss on these stocks?
The stock brokerage was suggesting something called a Deed Of Gift, and searching online seems to suggest that I would have to amend my 2009 tax return
http://www.theglobeandmail.com/globe...ticle16287668/
http://www.theglobeandmail.com/globe...ticle16397086/
Quote:
I never claimed a loss for my 800 Nortel shares – definitely my worst investment! Is it too late?
No, it’s not too late. Nortel announced in 2009 that it would cease operations and sell off its assets, so you can retroactively amend your 2009 tax return to claim the loss, Mr. Quinlan said.
The capital loss would first be applied against any capital gains in 2009. If you have unused capital losses left over, you can carry them back three years or forward indefinitely to reduce capital gains in other years.
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Does this sound right? Any gotchas to watch out for?