CRA considers that a corporation can claim a s. 42(1)(b) loss after (per IT-126R2) it has been wound up

In IT-126R2, CRA indicates that it will accept that a corporation "has been wound up" if it has been liquidated and the only reasons for not yet filing articles of dissolution is outstanding litigation.  CRA considers that if the corporation subsequently settles the litigation by making a payment that otherwise qualifies as a deemed capital loss under s. 42(1)(b)(ii) (e.g., pursuant to a previous share sale indemnity), it can claim that capital loss in the year of payment thereof (i.e., after it is considered for s. 88 purposes to have been wound up).

Neal Armstrong.  Summary of 26 November 2014 T.I. 2014-0551641E5 F under s. 88(2).