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How do I report capital losses found on my Notice of Assessment? I would like to split it with my spouse.

 
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Moderator

How do I report capital losses found on my Notice of Assessment? I would like to split it with my spouse.

You can deduct any Net Capital Losses that are shown on your Notice of Assessment (NOA) from any Capital Gains you have incurred in the current year. However, in order to "split" these with your spouse, they should have previously been reported to CRA as "joint investments" and you should each have a Net Capital Loss amount on your own NOA to apply to any current year gains. 

To do so using TurboTax Online (or EasyStep view of TurboTax CD/Download): 

  • From the sidebar click Deductions > Losses Profile > Net Capital Loss Carryforward > check the box beside Net Capital Losses and Continue. 
    • On the page titled Net Capital Loss Carry Forwards, enter the amount shown on your Notice of Assessment.
    • On the page titled Net Capital Losses Being Claimed, enter the amount of your available Net Capital Loss you wish to apply to this year's "taxable capital gains".

(You can also navigate to this section in TurboTax Online by using the "Find" icon, type in "Loss", highlight "Losses" and click Go). In EasyStep view type in "Net", highlight "Net Capital Loss Carryforward".)

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2 Replies
Highlighted
Moderator

How do I report capital losses found on my Notice of Assessment? I would like to split it with my spouse.

Are you using TurboTax Online or Installed/Downloaded to your computer? And what are your capital losses from?
Highlighted
Moderator

How do I report capital losses found on my Notice of Assessment? I would like to split it with my spouse.

You can deduct any Net Capital Losses that are shown on your Notice of Assessment (NOA) from any Capital Gains you have incurred in the current year. However, in order to "split" these with your spouse, they should have previously been reported to CRA as "joint investments" and you should each have a Net Capital Loss amount on your own NOA to apply to any current year gains. 

To do so using TurboTax Online (or EasyStep view of TurboTax CD/Download): 

  • From the sidebar click Deductions > Losses Profile > Net Capital Loss Carryforward > check the box beside Net Capital Losses and Continue. 
    • On the page titled Net Capital Loss Carry Forwards, enter the amount shown on your Notice of Assessment.
    • On the page titled Net Capital Losses Being Claimed, enter the amount of your available Net Capital Loss you wish to apply to this year's "taxable capital gains".

(You can also navigate to this section in TurboTax Online by using the "Find" icon, type in "Loss", highlight "Losses" and click Go). In EasyStep view type in "Net", highlight "Net Capital Loss Carryforward".)

View solution in original post