How does one go about disposing of Nortel stocks in order to be able to claim a capital loss? According to BMO, they suggest signing a Deed of Gift, donating the worthless stocks to them, which will trigger a "loss" on my monthly statement, which I would use for my taxes.
According to the CRA, if Nortel went bankrupt in 2009, they are suggesting I amend my 2009 income taxes, claim the entire loss that year and include a letter saying that I am claiming a deemed disposition under 50(1) of the Income Tax Act. This will mean I keep my shares, but claim the loss from what I understand.
Has anyone tried the Deed of Gift method?
Also, how can I find out the exact date Nortel went bankrupt and/or delisted on an official document?
Any guidance would be appreciated.