Thor66

Great, thanks. Your last sentence is valuable, i.e. any refund is not part of the 2022 tax calculation, but an independent assessment of the T1A and refund by the CRA. Many thanks.

@Geo123My question was not talking about carrying capital losses forward, but about carrying a capital loss backwards with the T1A form. Please check out my questions again as it asks how to use the T1A for such a scenario. Also does the T1A effect the 2022 NOA, or is the T1A separately assessed? Thanks.

@BLSM So what you're saying is that completing the T1A will not mean that Ufile will calculate what will be refunded, the tax to be paid or refunded remains the same, but at some point later the CRA will adjust the prior years NOAs and send me the refunded amount of tax I paid in prior years? This isn't very clear as I was expecting Ufile to calculate what the CRA will be paying me back. I just want to confirm my understanding from what you stated, as otherwise I'm seeing no effect from completing the T1A. Thanks.

@Geo123in your post of the 16 Jan you initially describe how to apply a gain from within the last 3 years to offset a loss this year and hence reclaim some of that gain. But then you describe the steps for how to carry forward a loss, not how to carry forward a gain. I've tried the T1A form for a straight forward capital stock gain, but it has no effect on my total return. Could you explain the steps with a simple example such as $60K capital gain in 2021, $80K capital loss in 2022. What would you fill in where in he T1A to gain the tax charged on the 2021 $60K gain? - as I can't seem to get it to have any effect! Many thanks.