Jo-AnnM
New Member

ABIL Form functionality

I have been using the ABIL form for many years to claim the interest paid on a demand loan from quite a few years ago. Up until 2024 this form has allowed me to add the amount in the outlays field which then carried through the calculation further down the form , then auto multiplied by 1/2 and carried through to the T1 general box 21700. It appears for 2024 that the form has changed and my amount wont add and carry through. It only includes amounts entered through a T5013 form which doesn't apply in my situation. Is this perhaps an error in the TurboTax form?

Troubleshooting

Any ABIL that you claim for 2024 will reduce the capital gains deduction you can claim in 2024 and future years. Lines 21698, 21699 and 21700 – Business investment loss. This is related to Schedule 3.

Schedule 3 is still locked by CRA and not finalized by CRA yet. Please refer to this link Why does TurboTax say my forms are locked or haven't been finalized? 

We do not have any ETA on this yet but as soon a these forms gets finalize we will be updating them in TurboTax for an accurate calculations.

We appreciate your patience.

 

Thank you for choosing TurboTax.