Personal Finance

Help T1 Adjustment, PLEASE

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  • Jan 5th, 2010 4:26 pm
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Newbie
Dec 24, 2009
12 posts

Help T1 Adjustment, PLEASE

Hi,

I have NET CAPITAL LOSSES of $1,000 for 2007 and $9,000 for 2008 ...

So I'll file two T1 adjustment forms .... one for each respective year.

For 2007:

Line number from return or schedule:
199

Name of line from return or schedule:
Taxable capital gains (or net capital loss) in 2007

Previous amount:
0

+/-:
-

Amount of change
(1,000)


Revised amount
(1,000)


For 2008:

Line number from return or schedule:
199

Name of line from return or schedule:
Taxable capital gains (or net capital loss)in 2008

Previous amount:
0

+/-:
-

Amount of change
(9,000)

Revised amount
(9,000)


Does this look correct? I'm unsure about the +/- portion.

Also, do I need to provide supporting documentation for the revised amount?


Thank you so much for your time.
1 reply
Deal Guru
User avatar
Dec 25, 2003
11091 posts
3504 upvotes
Vancouver
Assuming these losses were actually incurred in those years (not just being carried back to those years) then it looks right.

I'd probably include at least a summary of transactions (Excel spreadsheet) supporting those numbers. There's a pretty good chance they're going to ask for documentation before processing them.

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