Hi, I've entered the information on T5008 slip but my return hasn't changed, although I've reported a loss.

[TurboTaxJeffrey · Accepted solution]

A capital loss can only be applied against capital gains.  If your net for capital transactions is a loss, then that loss can either be carried back and applied to capital gains income in any of the three preceding tax years, or carried forward indefinitely, to be applied against future capital gains.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/lss-ddct/gnrl/...

[vitlen]

Thank you. I'm now trying to apply a Loss Carryback against previous year capital gain, to report my capital loss this year.
I receive the following warning:
"The losses you are carrying back to your 2013 2014 and 2015 returns are greater than the available amount of losses"
What am I doing wrong?

[TurboTaxJeffrey]

Are you using 50% of the loss?

[vitlen]

Hi, no, I put the difference between the ACB and the FMV. Should I put a 50% of it? but how does it calculate the "available amount of losses"?

[TurboTaxJeffrey]

When you have a capital gain, only 50% gets reported as income.  That is why capital losses are only applied against capital gains...still subject to the 50% rule.  Take your actual capital loss and multiply by 50%, and that is what can be applied against capital gains from earlier years, or applied against capital gains in future years.  

As you have entered the actual ACB and FMV (as you should) the software is already calculating 50% of that to use as available amount of losses.

[vitlen]

Hmm I had to do the subtraction myself. Are we talking about the same Loss Carryback screen? It asks me the Net Capital Loss only. What it compares it against if I do not report gains this year, but applying it against the gains last year?

[TurboTaxJeffrey]

Here...use this link to contact us directly.  It may be easier for us to assist you...and preserve your privacy.

https://support.turbotax.intuit.ca/contact/