The Globe and Mail reports in its Saturday edition that if you scan your portfolio and noticed more red recently, you have plenty of company. The Globe's John Heinzl writes that with rising interest rates sending utilities, telcos, real estate investment trusts, banks and other rate-sensitive sectors down sharply this year, plenty of investors are sitting on unrealized capital losses. Before you let all that red ink spoil your holiday cheer, consider that your stock market losses have a silver lining: They can save you money at tax time. If you want to trigger a capital loss but still like the company's prospects, you could wait 30 days and repurchase the shares. The danger is that the shares could appreciate while you are out of the market, costing you gains. The risk of a rebound is not something to take lightly, especially now that interest rates appear to have peaked, removing a major headwind for markets. One way to mitigate the risk is to buy a similar, but not identical, security whose performance is highly correlated with the one you sold. For example, you could sell RBC for the loss and immediately buy TD Bank, then swap TD for Royal after 30 days (or continue to hold TD if it suits your investing goals).