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fffirefly7

Peter

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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!

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Hi fffirefly7, you should go back to the 2018 tax return calculated and look for the capital gain carried forward from 2018 on the schedule 3 to know the exact amount to enter.

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On 3/23/2020 at 2:25 PM, Nawal said:

Hi fffirefly7, you should go back to the 2018 tax return calculated and look for the capital gain carried forward from 2018 on the schedule 3 to know the exact amount to enter.

Thanks for replying Nawal.

I went to my 2018 Schedule 3 but don't see any 'capital gain carried forward' amount', only my Taxable capital gains line 199.  From my example above that would be the $1000 amount.

Line 16 of 'Applying net capital losses of other years to 2018' is the $300 amount in my example.

Not sure where I find the $700 (1000-300) amount in the return.  Closest I got was on the CRA website My Account under 'View carryover amounts'.  There it shows me in the 'Capital Gains and Losses' table in the 'Line 127' column my $1000 amount.  In the column 'Net loss applied from previous year' is my $300.  

If I go to the table below 'Capital gains deduction', amount for 2018 in the column 'Net investment gain/loss' is very close to the $700 amount.  It is the only number I can find that makes sense.

Hope this hasn't been too confusing.  Used the example numbers to keep it simple.  If you have a line number for this 'capital gain carried forward from 2018 on the schedule 3' amount you mentioned please let me know.

Thanks again.

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