LETTER TO FINANCE MINISTER MORNEAU REQUESTING CHANGES TO TAX TREATMENT OF CAPITAL LOSSES FOR 2020 TAX YEAR
The COVID-19 crisis has reduced the incomes and accumulated savings of ordinary, hard-working Canadians from widespread business lockdowns, the collapse of financial markets and much lower interest rates. The IIAC requested that the government support ordinary Canadians lost retirement savings through temporary and modest adjustments to the treatment of capital losses. Specifically, the IIAC recommended that federal government remove the superficial loss rule for 2020 and that it allow a portion of net capital losses incurred in 2020 to be used to offset personal income, rather than just capital gains. Click here to read our letter.