Q: Hi There,
I never sold my MRS shares. In my brokerage account it shows that I still own 9000 shares. I noticed that MRS no longer trades. How do I sell my shares so that I can claim the loss on my 2023 taxes? If I cannot sell them, do I still get to claim the loss on my taxes since they no longer trade?
Any guidance you can provide will be greatly appreciated. Thank you.
PS - I use Questrade if that helps. Don't know if I have to make a 'request' to take action on the shares, etc.
Thank you!
Gone
I never sold my MRS shares. In my brokerage account it shows that I still own 9000 shares. I noticed that MRS no longer trades. How do I sell my shares so that I can claim the loss on my 2023 taxes? If I cannot sell them, do I still get to claim the loss on my taxes since they no longer trade?
Any guidance you can provide will be greatly appreciated. Thank you.
PS - I use Questrade if that helps. Don't know if I have to make a 'request' to take action on the shares, etc.
Thank you!
Gone
5i Research Answer:
There are some comments under MRS.H. It did trade in October but has not since. Most brokers will provide a form to complete and they can buy shares off customers for a nominal value for tax purposes. Alternatively, a note can be attached to tax filings indicating the company is defunct. In this case, it looks like it 'technically' is still in existence, so we would suggest the former route. The shares can also be sold to a non-related third party off market for a nominal amount (documentation needed, and this would require getting the shares out of the account, which would involve a fee).