Investing

Can you claim capital loss from previous years?

  • Last Updated:
  • Mar 20th, 2017 9:40 pm
[OP]
Deal Addict
Jul 1, 2006
1197 posts
66 upvotes

Can you claim capital loss from previous years?

I had a loss in 2015 which I never claimed but want to use it for 2016. Can I do this? How do I do file, I do my own taxes.
5 replies
Sr. Member
User avatar
Aug 7, 2010
648 posts
107 upvotes
You need first to do an adjustment to your 2015 tax return (look for Form T1-ADJ on the CRA Web site).
Deal Addict
Feb 4, 2015
2306 posts
376 upvotes
Yup, simple form like suggested above.

It would be for informational purposes for 2015 tax return and then carry fwd to 2016 tax return. If not fully used in 2016 then carry fwd until capital loss all used.

Note if using tax software and carrying fwd 2015 tax file for 2016 tax return then need to manually input capital loss carry fwd.
Deal Addict
Jun 3, 2009
3549 posts
407 upvotes
Montreal
georvu wrote:
Mar 19th, 2017 7:00 pm
Yup, simple form like suggested above.

It would be for informational purposes for 2015 tax return and then carry fwd to 2016 tax return. If not fully used in 2016 then carry fwd until capital loss all used.

Note if using tax software and carrying fwd 2015 tax file for 2016 tax return then need to manually input capital loss carry fwd.
Doesn't uFile automatically does it for you? The numbers came up pre-populated when I started my 2016 taxes.
Deal Addict
Feb 4, 2015
2306 posts
376 upvotes
cn_habs wrote:
Mar 19th, 2017 10:30 pm
Doesn't uFile automatically does it for you? The numbers came up pre-populated when I started my 2016 taxes.
Only if you had claimed in 2015, ie inputted in 2015 tax return.

In this case OP did not claim [did not input when did 2015 taxes] so software has no idea. OP needs to adjust 2015 return first and then manually update in tax sw if using.
Sr. Member
Apr 21, 2014
980 posts
216 upvotes
Alberta
If you imputed the loss in your 2015 return but didn't apply it against any taxable capital gains you can use it for future years and will save it on the electronic tax forms. You can carry forward capital losses indefinitely. If you didn't input your loss in 2015 return you will have to file a t1 adjustment. It won't impact your refund amount because there was nothing to claim it against it.

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