Net capital losses of other years - Federal line
25300
Generally, if you have a deductible capital loss in a year, you
must apply it to your taxable capital gain for the year in
question.
For more information, please refer to the CRA's Capital
Gains
Guide at the following link:
https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4037.html
For Net Capital Losses of Other Years, see the following
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
If you have net capital gains for the current tax year and would
like to utilize net capital losses of prior years to offset the net
capital gains, please follow the steps below:
(Available capital losses are shown on the CRA's Notice of
Assessment or Notice of Reassessment for the previous taxation
year.)
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, 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".
ID: 20191002071309DEXXX.xml
Webpage: KPA330-20191002071309DE.htm
