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Schedule 3 Capital Loss not calculating

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I sold property this year and unfortunately made a loss on it from when I bought it several years ago. I have completed the form in Ufile listing the disposition, ACB and cost of sales of the property. The ACB is obviously larger than the disposition price, creating what should be a Capital Loss.

 

When I check the final completed return, the schedule 3 is not fully completed. Ufile fills in column 5 in section 4 as $0.00 and then box 197 and box 199 are not calculated - just blank.

 

If i go back in and change the ACB such that i made a gain, then the form is fully completed.

 

I assume that the loss should be calculated in parentheses and Schedule 3 correctly completed? Is this a bug?

 

Thanks

 

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When I check the final completed return, the schedule 3 is not fully completed. Ufile fills in column 5 in section 4 as $0.00 and then box 197 and box 199 are not calculated - just blank.

 

capital loss cannot be claimed on the disposition of a building (depreciable property).

It is possible to claim a terminal loss.

If this is a rental property, see CRA publication T4036.

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This is an investment property in the UK that I have sold at a loss. Not sure if that makes a difference, but pretty sure that would be a capital loss. If I had sold for a profit it would be seen as a capital gain so assume the inverse is also true.

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Assuming a building is involved, your tax scenario may contain some of the following ingredients:

foreign property, foreign exchange, land and building percentages of total property, rental,

personal use property, capital gain, terminal loss, depreciable property, recapture of CCA, etc.

 

CRA publication "T4037 Capital Gains" is not an easy read but unfortunately mandatory.

 

http://www.cra-arc.gc.ca/E/pub/tg/t4037/

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