taxma
Level 1

Turbotax line 13200 Capital loss doesn't match NOA net capital loss

Hello

 

I refiled Turborax for previous year 2022 to include capital loss I forgot, I had a capital loss of around 2000$ (line 13200 of CRA Schedule 3). I confirmed with my Turbo tax pdf copy. Why does my new notice of assessment show I have a capital loss as half of this (around 1000$) ?

Is this normal or an error from CRA or is it something to do with the inclusion rate of 2022?

Does ''net loss = Inclusion rate of year*total loss of the year(line 13200)''?

 

Thank you

‎May 19, 2024 9:36 AM
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TurboTaxBrenda
Moderator
Moderator

Filing

Yes, Allowable capital loss – This is, for a tax year, your capital loss for the year multiplied by the inclusion rate for that year. For 2001 and later years, the inclusion rate is 1/2.
 

Thank you for choosing TurboTax.

‎May 21, 2024 8:50 AM
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