Net capital loss (no negative amount allowed on line 12700)As per the CRA's website: "On line 12700, enter the positive amount from line 19900 on your Schedule 3. If the amount on line 19900 on your Schedule 3 is negative (a loss), do not claim the amount on line 12700 of your tax return. We will register it on our system. Keep track of this loss, which you can use to reduce your taxable capital gains of other years."
Therefore, when you have a net capital loss, line 12700 remains blank. However, under the "Tax Return" tab in the program, capital gains and losses are shown on Schedule 3. The same principle applies to Quebec.
A capital loss will automatically be carried forward to the following year by the program, if not applied to a capital gain.
The CRA, and Revenu Québec if applicable, will report net capital gains/losses on the Notice of Assessment after reviewing your tax return.
For more information, please refer to the CRA website:
ID: 20191218172031CA.xml
Webpage: KPA330-20191218172031CA.htm