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Gains en Capital et PTPE


RamK

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Hello everyone,

I have made some money in the 2021 from the stock market and have declared accordingly so the amount was considered as a taxable income. In the year 2022, I lost money from the stock market and I inserted all the paperworks but the program is not considering any credit and not mentioning any amount regarding the stocks operations even in the history. I also cannot select the 2022 to insert any amount. My trade paperworks those received: T5 - T1135 - T5008 Consolidated and RL18. I all inserted them in the Investment income accordingly but no result appeared when testing.

I appreciate your help in advance. 

 

Ram

 

 

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Hello Ramk,

Current year capital loss carryback

If you incurred net capital losses in the current year, you can carry back these losses and apply them to the capital gains of the past THREE years.

1. In the "Left-side menu on the interview  tab", select "Interview setup".

2. On the right-hand side of the screen, go to the "Investment income and expenses" group, check the Box "Capital gains (or losses) and capital gain history", then go to the "Carryforward amounts and prior year information" group, check the Box for "Losses of prior years, carrybacks" and click on "Next" at the bottom of the screen.

3. Return to the "Left-side menu on the Interview tab" and select "Capital Gains (or losses) & ABIL" on the right-hand page, choose the option that suits you and enter your capital gains or capital losses.

4. Return once again to the "Left-side menu on the Interview tab" and select "Losses of prior years and carrybacks".

5. On the screen to the right, scroll down to "Loss carryback" group, and click on the plus "+" icon to the right of the line "T1A - Request for loss carryback (loss which occurred in 2022)".

6. In the page that appears entitled "T1A - Request for current year loss carryback" choose the section that corresponds to your situation and select the year or years for which you want to apply your losses, starting with the loss from the earliest year to carry-back years.

The program will generate Federal form T1A as well as Quebec form TP- 1012.A.

Quebec residents will have to print form TP- 1012.A, sign it and mail SEPARATELY from other documents, because it cannot be netfiled, whereas the Federal T1A can be sent via NETFILE.

The T1A does not affect the current year's tax return. The CRA and Revenu Québec will reassess the corresponding year's tax returns based on the information in the T1A or TP-1012. They will issue you a report later.

For more information on this topic, please see the following links

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-127-capital-gains/capital-losses-deductions.html

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

 

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