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Loss Carry Back

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I have ticked the loss carry back box.

 

I have entered data in the ``Prior years capital gains amounts and deductions`` for yr 2011 and 2010 as I have loss for 2012 that I want carried back for 2011 and 2010. For 2010 and 2011 I have entered the Gains that werer in tax returns for those years.

 

DID I do the right thing? On what Tax form does this show up. I realize that CRA does the reassesment for the 2011, 2010 years.

 

Thx

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If you have net capital gains for the current tax year and would like to utilize net capital losses of prior years to offset the net capital gains, please follow the steps below: (Available capital losses are shown on the CRA's Notice of Assessment or Notice of Reassessment for the previous taxation year.)

 

1- In the "QuikClik Navigator", located on the left-hand side of the screen, click on "Interview setup". Check the box for "Losses of prior years, carrybacks" and then click "Next" at the bottom of the page.

2- In the "QuickClik Navigator", click on "Losses and carrybacks".
3- On the new page, select the fifth option "Net capital losses of other years".

4- Enter your net capital losses of prior years.

5- If you wish to limit the amount of capital losses applied to the current year, enter the amount on the last line at the bottom of the page.

 

The program will report the net capital loss on line 253 of your federal return and on line 290 of the Quebec return. To see the details of the application of net capital losses, click on the "Tax return" tab and select federal form "Applying Net Capital Losses of Other Years" and, if applicable, Quebec form TP-729 "Carry-Forward of Net capital Losses".

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Thx for responding. Your response is sort of the reverse of my request. I have LOSS in 2012 (my current tax return). I have gains in 2011 and 2012 so want to CARRY back that 2012 Loss. So would appreciate clarification along the same lines as your response.

 

Thx

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Well, I must be missing something here. That screen "enter your net losses of prior years" Is not what I need(no loss in 2011 or 2010.) I NEED to apply THIS years LOSS back to 2011 and 2010 - I have GAINS in 2011 and 2010 and you can carry back losses for 3 yrs ( I am only going back for 2 yrs).

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