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Showing results for tags 'loss carryback'.
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Hello, If I have a total capital loss in 2019 of $6000 (net capital loss of $3000 ($6000 x 50%)) and a gain of $1000 in 2018, I understand that on the T1A form I enter $1000 in the box 'Amount to be applied to 2018' under Net capital loss for carryback. However, in 2018 when I had that gain of $1000 I also carried forward a loss of $300 from previous years. My question then is do I still enter $1000, or $700 (1000-300)? Thanks!
Example: If I had a net capital gain of $1,000 in 2012 then 50% x $1,000 = $500 would have been added to my 2012 net income and taxed. If I had a net capital loss in 2013 of $2,000 then I would want to carry back a portion of this to 2012. In the "Loss Carryback" section of UFile there is an "Amount of net capital loss to be applied" section. Questions: 1) Using the above example, should I carry back $1,000 or $500 in this section for 2012? 2) Will the carryback be reflected in my 2013 tax return as a credit immediately or will CRA do an assessment after I file my tax return? Thank you.
Hi, I have used UFILE for a few years and what I like about it is that it carries information and amounts for me; however it has confused me. In 2011, I had a capital loss and in 2012, the program brings forward an amount for me for this question: "Year in which a capital gain or loss was declared and amount" I'm confused because this amount is neither the total amount of the loss in 2011 nor the amount of unused loss on my Notice of Assessment. My question is: what amount do I enter in the box for the question above? The total amount of my loss, the amount of my unused losses from the Notice of Assessment or the amount that appears for me? Any clarification would be greatly appreciated, thanks!