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How can i claim some losses ?

securities losses
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How can i claim some losses ?

If you sold your securities transactions in 2020 and got some capital losses, you would need to complete 5000-S3 Schedule 3 - Capital Gains (or Losses) in 2020 (for all) to calculate and report any capital losses from selling your securities transactions.

As per the Canada Revenue Agency (CRA): "Generally, if you had an allowable capital loss in a year, you have to apply it against your taxable capital gain for that year. If you still have a loss, it becomes part of the computation of your net capital loss for the year. You can use a net capital loss to reduce your taxable capital gain in any of the 3 preceding years or any future year."

If you are using TurboTax Online software, please follow these instructions to report your capital losses: 

Capital gains or losses reported on T5008, T5, T3, T4PS, T5013 slips

  1. Select Find in the upper-right area of TurboTax.
  2. Type the name of your T-slip in the Find window (for example, type "T5008" for securities transactions).
  3. Select the name of your T-slip from the list of results (the Find tool highlights the closest match in a list of results), then select Go.
  4. Enter the amount on the slip directly into the TurboTax page dedicated to that slip.

This link will provide more details about Where to report capital gains or losses in the online edition of TurboTax. 

For any further information, you can use this link from our website to get more details: Claiming Capital Gains or Losses or the link from the CRA website: How do you use a capital loss? 

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