Line 25300, net capital losses of other years.

[Kevin Pack]

..How do I apply the carried forward net capital losses of other years to income on the final return?

[TheTaxSmith]

Hi Kevin Pack.

Go back to the Interview setup. On the right side look for the last section "Carryforward amounts and prior year information". Select "Losses of prior years, carrybacks" and that will give you the data entry area. Once entered it will automatically deduct on the return. 

You should make sure that your net capital losses agee with your 2019 Notice of Assessment. 

[Kevin Pack]

That did it, thanks so much

[IreneW]

I did select "Losses of prior years, carrybacks" and that it refuse to give me the data entry area, it says " you can not add anymore pages of this type"... how come?

[TheTaxSmith]

On the left side in the index listing did you click on Net Capital Losses. Opening that schedule you will then need to enter the net capital losses by year of origin. You enter the total for the year. Make sure the final summary total agrees with the CRA notice from last year.

[moat]

__

Edited April 28, 2022 by moat
I made a mistake

[wpointner]

Mistaken entry

Edited December 15, 2022 by wpointner
ot required

[Janik]

Hi,  I am having a problem trying to add an amount to line 25300.

how do I apply  net capital loss from previous years to this year - loss occurred in 2012

[Janik]

On 4/18/2022 at 10:58 PM, IreneW said:

I did select "Losses of prior years, carrybacks" and that it refuse to give me the data entry area, it says " you can not add anymore pages of this type"... how come?

I had the same problem

[Janik]

On 4/19/2022 at 6:17 AM, TheTaxSmith said:

On the left side in the index listing did you click on Net Capital Losses. Opening that schedule you will then need to enter the net capital losses by year of origin. You enter the total for the year. Make sure the final summary total agrees with the CRA notice from last year.

It does not open - says cannot add any more pages of this type?

[Janik]

Can I call someone for help in the morning?

[Geo123]

Hello Janik,

For Line 25300 – Net capital losses of other years (stocks, bonds etc) :
1- On 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 page appearing on the right, click on the icon of the plus sign "+" located on the right of the line "Net capital losses of other years".
5- On the page entitled "Net capital losses of other years" and enter your net capital losses of previous 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.
Do not forget, to use the loss carryforward you must have had a taxable capital gain that is generated on line 12700 of the federal return.
The program will report the net capital loss on line 25300 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" and, if applicable, Quebec form "TP-729 - Net Capital Losses".
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-25300-net-capital-losses-other-years.html

>>You can only open one page :

[thirdeyeblind]

On 4/26/2024 at 5:47 AM, Janik said:

It does not open - says cannot add any more pages of this type?

I managed to get this to work. Thanks so much. I must say it would be very good if Ufile made this show up as a tax saving idea and then guided you through the opportunity. 

[Geo123]

Hello thirdeyeblind,

You are welcome.