Personal Finance

*urgent help last step of filing * T5008 losses?

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  • Mar 27th, 2022 5:17 pm
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Mar 27th, 2022 3:13 pm
corcoran_chris [OP]
Deal Addict
Mar 20, 2005
2966 posts
1234 upvotes
Maple

Mar 27th, 2022 3:13 pm

*urgent help last step of filing * T5008 losses?

Hello, I am new to this forum.

I have a loss to claim on the T5008. Does this affect anything? I do not have ANY capital gains, simply T4 to file. Does this affect my return? do I get some money back? I have conflicting info. Do I only get a deduction if I had capital gains? so this loss without any gains has no affect on my return?

Thanks so much !
6 replies
Mar 27th, 2022 3:17 pm
hwyc2007
Sr. Member
May 24, 2018
691 posts
541 upvotes
Ontario

Mar 27th, 2022 3:17 pm

If you have net loss for this year, then it won't matter on your tax this year. The loss, provided you file it, is recorded on file at CRA. It can be used to offset gains (hence reduce tax) in your other tax years, past or future. ... footnote guidance on Schedule 3.

Hope this helps.
Last edited by hwyc2007 on Mar 27th, 2022 3:23 pm, edited 1 time in total.
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Mar 27th, 2022 3:23 pm
corcoran_chris [OP]
Deal Addict
Mar 20, 2005
2966 posts
1234 upvotes
Maple

Mar 27th, 2022 3:23 pm

Thanks so much everyone. To make things even clearer if I do not ever have gains from property/stocks etc and simply collect and file my T4 over the next few years, this loss has no effect on my return? its only on gains from other sources of income not including employment?
Mar 27th, 2022 3:27 pm
hwyc2007
Sr. Member
May 24, 2018
691 posts
541 upvotes
Ontario

Mar 27th, 2022 3:27 pm

Correct. Capital gain are taxed at a discounted rate (currently 50%). It cannot be mix & match with other income categories.
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Mar 27th, 2022 3:30 pm
corcoran_chris [OP]
Deal Addict
Mar 20, 2005
2966 posts
1234 upvotes
Maple

Mar 27th, 2022 3:30 pm

Got it, so there is no need to file this T5008 because I have no capital gains. Once I do, I can file this to offset any gains in the next few years.
Mar 27th, 2022 5:17 pm
Numbersman1941
Member
Aug 23, 2021
241 posts
239 upvotes

Mar 27th, 2022 5:17 pm

corcoran_chris wrote: ↑ Got it, so there is no need to file this T5008 because I have no capital gains. Once I do, I can file this to offset any gains in the next few years.
No. Make sure you report the transaction on schedule 3 (including form 5008) on your 2021 tax return so that CRA will be aware of the capital loss and can update their records. The capital loss must be reported in the year it occurred.
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