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QUESTION:
At the recommendation of relatives who once lived in Costa Rica, we invested about $15,000US in a company running casinos and other institutions a few years ago. We had decided to re-invest the dividends and pull it out at a later date. However, the company in Costa Rica went under last year, we've had no communication from them except what we can read on the internet in their newspapers. It appears / sounds like they were involved in using money from disreputable sources and since the 9/11 scrutiny things just blew up there I guess. Our money was totally from earned employment income. It is clear it isn't coming back and those promised dividends plus the principal will never return. How can I write this off on my income tax here in Canada? What are the rules around doing it?
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david ingram replies:
If and I say "IF" you reported the reinvested dividends to Canada, then you have a $15,000US plus dividends capital loss.
If you were failing to report the dividends, then you have a $15,000 US capital loss which means that you can deduct $7,500 US against other capital gains. If you have no capital gains, you have nothing to deduct the Net $7,500 US loss against.
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