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T936 - Cumulative net investment losses (CNIL's)


mammasan

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Back in 2012 when I first started doing my own taxes using UFile Online, there was an area where you could enter a rental charge of a safety deposit box. At that time, I was renting a safety deposit box and someone had told me to enter the amount. I did the same for 2013. I had entered $57.49 for 2012 and 2013. Since then this area has been eliminated. Each year afterwards, I always see this amount carried forward by UFile Online. I did have capital gains dividends in 2014 and 2015 that I reported off an issued T5.

 

T936 - Cumulative net investment losses (CNIL's)

Total federal CNIL expenses at the end of 2015  $114.98 ($57.49 x 2)

 

Total federal CNIL income at the end of 2015 $$$$

 

TP-726.6 - Cumulative net investment losses (CNIL's)

Quebec CNIL balance at the end of 2015  $$$$

 

My questions are:

 

1) Do I just leave this alone year to year?

 

2) What does this CNIL do for me?

 

3) Where does the $$$$ amount in the Total federal CNIL income at the end of 2015 come from?

 

4) Where does the $$$$ amount in the TP-726.6 - Cumulative net investment losses (CNIL's)

Quebec CNIL balance at the end of 2015 come from?

 

5) Is this CNIL just for information purposes so I could see these figures in future years?

 

Thank you.

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Cumulative Net Investment Loss (CNIL)

 

The CNIL balance is the amount by which the total of all investment expenses exceeds the total of all investment income for all tax years after 1987.  The CNIL can be calculated by filling in CRA's form T936 for each year after 1987.

 

The expenses for the safety box (2012 & 2013) were, at that time, an eligible investment expense.

This is why you see the amount as part of your CNIL balance.

 

The CNIL is used in the calculation of the capital gains deduction available on the sale of qualified capital property.

 

For more information on the capital gains exemption consult the following link

http://www.taxtips.ca/smallbusiness/capitalgainsdeduction.htm

 

In Quebec, the process is similar on Form TP-726.6, although investment income is kept separate from investment expenses.

In a given year you cannot claim investment expenses greater than your investment income.

 

UFile tracks your CNIL from year to year as part of the carry-forward process.

 

Forms T936 and TP-726.6 for a given year provide the detail of all calculations pertaining to that year.

 

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Yes, you leave the section alone although remember that UFile uses the information to keep tarck of your CNIL (federal and Quebec).

 

Remember that, each year, you should save your whole Return package in PDF format.

Form T936 and Form Tp-726-6 are part of the package, should you ever need to refer to them.

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