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  • Apr 29th, 2014 5:33 pm
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[OP]
Newbie
Nov 26, 2013
3 posts
Toronto, ON

Capital losses/UFILE

Hello! I'm doing my taxes online for the first time and need some help please. :o

I have some capital losses that I would like to use in future, not for 2013 tax year. I believe I can carry losses forward indefinitely? What I don't know is if I still have to report this information now or whether it can wait until I'll want to use the losses. If I have to report now, how do I do this? In the interview setup, I only see a section about losses from prior years,carrybacks, but nothing about carrying forward. :confused: Thanks.
6 replies
Deal Addict
Dec 10, 2012
3359 posts
719 upvotes
Canada
it will automatically do it for you. just plug the capital loss in and then when you file and get your NOA it will say you have this $$$ carry losses from prior years that you can use for 2014 tax return
[OP]
Newbie
Nov 26, 2013
3 posts
Toronto, ON
It's easier than I thought. Thanks badsha for the quick reply.
Sr. Member
User avatar
Oct 24, 2011
623 posts
179 upvotes
Timmins
You must report the losses in the year they are incurred, so 2013. If you don't have capital gains in 2013 against which to apply them, CRA will automatically record them. But if you don't mention them, CRA won't know about them. Complete schedule 3 as usual.
Deal Fanatic
User avatar
Jun 19, 2009
5816 posts
1636 upvotes
Scarborough
Posted in another thread but figured I would ask here as well:

Need some help with the T1A and carrying back net capital losses to previous years. From what I understand, (http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... u-eng.html) you can carry back 3 years and indefinitely in the future - How would I go about doing this? I am using Studiotax so I open a T1A, and fill out Area III: Net capital loss for carryback. Is there any way to calculate what was the net capital loss for each of the 3 previous years? (Transferring over from uFile so I only have the summary of what was paid last year). Can I break it up, i.e. if I had a 20k loss this year, can I attribute 10k in 2010, 5k in 2011 etc.?

Also, how is this reflected in this year's return? Will CRA go back to 2010 and see what the taxable capital gains was in 2010 and apply losses this year against that number (Line 127 IIRC)? So there would be no change in refund/tax owing for this year? How would get get back the difference?

Thanks
[OP]
Newbie
Nov 26, 2013
3 posts
Toronto, ON
sierra112 wrote:
Apr 11th, 2014 6:08 pm
You must report the losses in the year they are incurred, so 2013. If you don't have capital gains in 2013 against which to apply them, CRA will automatically record them. But if you don't mention them, CRA won't know about them. Complete schedule 3 as usual.
Thanks sierra. Another question please, UFILE says, quote: "if you are entering amounts in Canadian dollars, enter 1 for the exchange rate. The average exchange rate for $US was 1.02991480 in 2013". But UFILE doesn't do any conversion, so we have to do it ourselves. Why then is system asking to enter the exchange rate? That part confused me. How I did, was enter the rate 1.02991480 as instructed, but when entering the actual amount from my T5 for example, if $1,000 US, I entered 1029.91. Did I do right? Thanks.
Deal Expert
User avatar
Jul 30, 2007
25267 posts
10144 upvotes
Toronto
perhaps, the input is strictly for reference only (not for calc) so CRA can see what rate you are using to report

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