I have a trading account with investments in the name of both my wife and I. I also have an account in just my name.
Coming up to tax time, and I have a CG to declare, and also looking to offset with some losses.
I understand that CL can only be offset against CG.
However, a couple of questions forthose that may have been in the same situation before:
1. For the joint account, do I split the CG and CL equally between my wife and I? Or can I "allocate" it all (CG or CL) to me, for example?
2. Do CL have to be offset again the exact CGs? For example, say I have a $1000 CG between my wife and I's account, and a $1000 CG for my account. If I take $500 CG from the combined and the $1000 from my own, I have $1500 CG. Can I write off CL purely from my own account against that $1500, or does it need to have contributions from both?