Mark

Unused Capital Losses

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My assessment Notice tells me that I have unused net capital losses from other years of $1.00. This has been showing up in my last two years of assessments. Where & how would I report this to get rid of it?

I think it should be reported on line 253 of the tax form but I don't know how to get it there.

Thanks, Mark

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Hi Mark,

 

You have capital gains in the current taxation year. However, you have sustained some capital losses in the previous years.

You can request both the federal and provincial governments to have these net capital losses carried over to be applied against the current year's capital gains.

To carry over these losses using the program, please follow these steps:

1- In the "Left side menu on the Interview tab", select "Interview setup".

2 - On the right-hand side of the screen, go to the "Other topics" group, check the box for "Losses of prior years, carrybacks". Click "Next" at the bottom of the page.

3- Return to the "Left side menu on the Interview tab" and select "Losses of prior years and carrybacks".

4- On the screen generated on your right, go to the "Losses of others years" group and choose the line "Net capital losses of other years".

5- On the page that appears, enter the losses from previous years in the appropriate fields. You should first enter your capital gains.

The amounts will be reported to line 253 of the federal return and line 290 of the Quebec return.

The program will generate for the federal form Applying net capital losses of other years to 2016 and Quebec form TP-729.

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