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Old 01-31-2017, 03:45 PM   #4
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Join Date: Mar 2007
Location: Income Tax Central

Okay, I've replied to your PM and I'll try and keep my reply brief.

Yes, for Nortel stock you can amend your 2009 tax return and accrue your Capital Loss, Revenue Canada will acknowledge that.

In order to do that you have to get the Deed of Gift from whomever your broker is. You're basically transferring responsibility for the stock to the broker and in turn washing your hands of it and as such booking the loss.

Then you can apply the loss to gains accrued in the interim.

The thing is, if you did these returns yourself the amendments can be difficult and potentially costly to prepare, so make sure that whatever tax savings you're going to get is really worth it.
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