Jump to content
Français

Do non-capital loss carryback requests T1A & TP-1012.A get efiled or do they have to be filed on paper separately?


Recommended Posts

Hello Jamie S,

Is Netfiled.

Capital Loss Carry Back / T1A
If you incurred net capital losses in the current year, you can carry back these losses and apply them to the capital gains of the past THREE years.

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 "Investment income and expenses" group, check the Box "Capital gains (or losses) and capital gain history", then go to the "Carryforward amounts and prior year information" group, check the Box for "Losses of prior years, carrybacks" and click on "Next" at the bottom of the screen.

3. Return to the "Left-side menu on the Interview tab" and select "Capital Gains (or losses) & ABIL" on the right-hand page, choose the option that suits you and enter your capital gains or capital losses.
4. Return once again to the "Left-side menu on the Interview tab" and select "Losses of prior years and carrybacks".

5. On the screen to the right, scroll down to "Loss carryback" group, and click on the plus "+" icon to the right of the line "T1A - Request for loss carryback (loss which occurred in 2022)".

5.    In the page that appears entitled "T1A - Request for current year loss carryback" choose the section that corresponds to your situation and select the year or years for which you want to apply your losses, starting with the loss from the earliest year to carry-back years.
6.    NOTE : For Stock / Share loss must include the inclusion rate of 50%

The program will generate Federal form T1A as well as Quebec form TP- 1012.A.

Quebec residents will have to print form TP- 1012.A, sign it and mail SEPARATELY from other documents, because it cannot be netfiled, whereas the Federal T1A can be sent via NETFILE.

The T1A does not affect the current year's tax return. The CRA and Revenu Québec will reassess the corresponding year's tax returns based on the information in the T1A or TP-1012. They will issue you a report later.

For more information on this topic, please see the following links

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/capital-losses-deductions.html
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


To carry back different types of losses, click  at the right.ie all types of losses

 image.png
>>Have current year losses that can be applied (carried back) 
eg. Fishing Business Loss -10,000
 image.png
Eg. NOTE : For Stock / Share loss must include the inclusion rate of 50%

Shares loss -10,000 / 2 (due to 50% inclusion rate) = 5,000

 
>>T1A Fishing Loss $10,000 CB
 image.png
>>Shares loss $5,000 CB

image.png

Link to comment
Share on other sites

  • 1 month later...

Geo123,

STRONGLY RECOMMENDED NEW FEATURE.

Since the TP-1012.A cannot be Netfiled, any user who completes one should receive an explicit prompt from UFile to print and mail the document.

Speaking as someone who considers himself to be tax-knowledgeable, experienced with tax software like UFile, and detail-oriented, I only investigated this point after receiving a separate CRA income tax payout for my T1A Netfile submission, and noting that I'd not received similar from RQ.

I suspect many users will omit this step, as I initially did.


Regards,

Daryl Lafleur

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
×
  • Create New...