Hi, I tried to get this specific answer is a previous question but I hope I can get it here if I'm more precise. I understand in turbotax online premier the way to carry back capital losses to apply them to a previous years gains is via the following the steps:
Note: A net capital loss can only be carried back to reduce taxable capital gains in any of the three prior years. Any available taxable capital gains will be shown on your prior year’s Notice of Assessment or Notice of Reassessment.
- Select Find and enter losses in the search bar
- Select Losses from the search results, then Go
- Select the Request for Loss Carryback box
- Select Continue until you reach the Net Capital Loss Carrybacks screen
- The maximum net capital loss that you can carry back is listed. Enter the amount(s) you wish to carry back for each applicable year, then select Continue
- You've now carried back your net capital loss. Your carryback amounts won't affect this year's tax return
Can someone please confirm, if I complete the steps in turbo tax outlined above and send my taxes to the CRA via TurboTax online, will the CRA get the details to create my refund from the tax year I applied the loss against or do I have to also print out a T1A form and send it in. Can someone please let me know.
Thank you.
