[Inputting previous years Capital Loss]

On 10/17/2022 at 12:05 PM, Maggie3 said:

Hello PeteH,

The most recent amount (balance of your losses) should be entered on your last Notice of Assessment.  If you were reassessed, then the up-to-date amount should be entered on your Notice of Assessment.

The inclusion rate means your capital gains are  taxed at 50% of your total gain. You should not bump up the amounts. 

You may enter these amounts into UFile by following the steps below: Applying net capital loss from previous years

If you have sustained some capital losses in the previous years. 
To carry over these losses using the 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 amount of your updated loss from previous years on the line for 2021. This represents the  remaining balance of your losses of previous years. The program will automatically calculate this amount to reduce your future gains.

For more information, please visit the following CRA link:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-253-net-capital-losses-other-years.html

 

Hi Maggie, I have more or less similar issue .. I have followed the steps you outlined above and for some reasons the program does now automatically applies net loss from 2021 to gain in 2022. Wonder if I missed something? Thank you for your response in advance .