I reported a capital gain in 2020 using TurboTax Online. I have a capital loss in 2021 that I'd like to apply against my 2020 gain. How is that done with TurboTax online?

[daneshp]

Could someone please help provide details on how capital loss carryback can be done using the TurboTax online (web) tool?

[lena22sx · Accepted solution]

As per Canada Revenue Agency (CRA): To carryback a capital loss, you must complete Form T1A, Request for Loss Carryback.

Complete the following steps:

1. Click on > Deductions > Losses Profile > Request for Loss Carrybacks

2. Select for whom the losses will be claimed > click Continue until you reach the page Net Capital Loss Carrybacks.

3. Choose the amounts you wish to have applied to previous years 

Please visit the following TurboTax FAQ: Where do I report capital gains or losses in TurboTax Online?

Thank you for choosing TurboTax. 

[daneshp]

Thank you for the information. I have a quick follow-up question. My 2020 tax return generated using TurboTax shows the "taxable capital gain" but I don't see any mention of it in my 2020 notice of assessment. I don't see any specific line in the notice of assessment indicating taxable capital gains. Is this expected? Can I simply assume the gain was accurately registered since it shows up in my TurboTax return for 2020 and proceed with the capital gain carry back for 2020?