Make sure you already completed filling out your profile and income summary. To claim your losses in Turbo Tax online, skip ahead to the losses section, by clicking on the magnifying glass in the upper right-hand corner and typing losses into the search. Select losses from the list show and click a Losses
On the Your Losses profile for 2020 page, select the box for Net Capital Loss Carry Forward then click on Continue. Fill out all of the fields on the next page using the information from your notice of assessment, then click Continue.
If there are any applicable fields to be filled out on the next page, Net Capital Losses Being Claimed, enter in those amounts and then click Continue. Fill out your inclusion rate if applicable on the next page, then select Continue. Once completed, you will be taken to the deduction summary step, you will see your losses listed under the net income section of the page.
As seen in our TurboTax article Carry Forward of Capital Losses, you can also view your past losses by following these directions below.
Tracking the Balance of Your Capital Losses
Since capital losses are carried forward indefinitely, it is possible to forget the amount that you have available or to fail to recall that you have losses at all.
If you have a capital gain this year and want to know what your balance is, you can find it in two places:
- First, it will be indicated on your latest notice of assessment.
- Second, it can be easily retrieved online using the CRA’s My Account portal.
- After logging in, click on the Tax Returns tab at the top of the page and then follow the link called Carryover Amounts. Your information will be on the following page.