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Claiming carry forward capital loss


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I have been unable to find where I enter the amount of capital gains losses carried forward to use against a capital gain on 2018 return. Research suggests I have to check "Other Options" in the Interview set up panel to access the right form, but "Other Options" does not open in my file. 

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I got a response from UFILE support which has solved the problem:

 

RE: Line 253 - Net capital losses of other years - First time entry

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

2 - On the right-hand side of the screen. Go to the "Carryforward amounts and prior year information" group, check the box for "Losses of prior years, carrybacks" and then click "Next" at the bottom of the page.

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

4- On the new page, chose the option "Net capital losses of other years".

5- Enter your net capital losses of prior years.

6- 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 "Net Capital Losses of Other Years" and, if applicable, Quebec form TP-729 "Carry-Forward of Net capital Losses".

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  • 11 months later...
  • 2 months later...

Hi techgeek22, To carry over these losses using the 2019 program, please follow these steps:

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

2-On the page appearing on the right, go to the group "Carryforward amounts and prior year information", check the box "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 other 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 25300 of the federal returns and line 290 of the Quebec return.

The program will generate for the federal form "Applying net capital losses of other years to 2019" and Quebec form TP-729.

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