As eggnog lattes replace pumpkin spice beverages at your local café, it’s a sure sign that the holiday season — and year-end — is fast approaching.

But before retackling the perennial topic of tax-loss selling, does anybody really have any accrued losses in their portfolios in 2019? After all, this past week saw record highs for the TSX and Dow Jones indices. The TSX composite five-year total return was up over 30 per cent and the Dow Jones industrial average had posted a five-year total return of nearly 80 per cent (in U.S. dollars, but more about that later).

The answer may depend on how long you’ve been investing and what you’re holding in your portfolio. 

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