The ACB of Nortel & BCE Split

by Tax Guy - Burlington Accountant on December 28, 2009 Print This Post Print This Post

Reader QuestionI acquired stocks of Nortel from the spin-off of Nortel from BCE and still hold them. Do the Nortel stocks have to be held until BCE shares are sold or can they be offset against other capital losses using the value at the time of the split?

The ACB was split when the spin-off occurred. You can sell either shares and their gains and losses are independent. At the end of the year, your cumulative losses are netted against cumulative gains.

About The Tax Guy...

Dean Paley CGA CFP is a Burlington accountant and financial planner who services individuals and business owners locally, nationally and internationally. Dean has appeared in the National Post, Toronto Star and Metro News.

To find out more, visit Dean's website Dean Paley CGA CFP or connect via Twitter @DeanPaleyCGACFP.

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