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New Member
posted Feb 28, 2024 10:13:06 AM

Where do you report losses form trades being sold

Trades were sold with a complete loss, where do I report those losses from stocks/trades?

0 4 795
4 Replies
Moderator
Feb 28, 2024 10:23:12 AM

If you have a T5008 slip, you can just enter the slip. If you don’t have a slip, you can enter your losses in the capital gains section.

New Member
Feb 28, 2024 11:33:10 AM

I got there but it's confusing since I don't have a slip.  Is it true you can off set 3K against your regular income??
I had stocks trades sold with a loss of over 20K last year what do I do can I claim this for the next few years on my taxes, I don't have any gains just regular work income.

Moderator
Feb 28, 2024 11:52:35 AM

The 3k rule is for the US, not Canada. In Canada capital losses cab only be used against capital gains. But if you don't use them, they carry forward for the rest of your life. If you still have losses when you pass away, then they can be used to offset other types of income.

New Member
Feb 28, 2024 11:54:36 AM

Oh no, only in US :(  Okay thank you for you help