Tax Shares Q

Hi guys,
Just a little question, if any body could help me it would be greatly appreciated. It's one I will ask my accountant at tax time but thought I would put it out here first.

I currently have a capital loss of say $500,
If I bought different shares today and sold them next week at a profit,($300) would I still be taxed on 100% of the profit or can it be offset against the capital loss before the profit is taxed at the higher tax rate.
I guess what I'm wondering is will I not get taxed on the profits as long as I'm still at a capital loss overall even tho I've only held the shares for a short period of time.
Hope that makes sense!
Thanks in advance.
Al