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grcote
New Member

I import my trade transactions, they get filled in on t5008 but the total is not reflected on line 127 and 256

not 256 but 253 also annexe 3 line 3
1 Reply

I import my trade transactions, they get filled in on t5008 but the total is not reflected on line 127 and 256

When you are not seeing an amount on Line 12700 - Taxable Capital Gains, or Line 25300 - Net Capital Losses of Other Years and have verified that all your T5008 entries have been imported correctly, it means your Net Capital Losses exceed your Net Capital Gains for this year. 

 

What is happening is:

 

  1. Any Capital Gains that were incurred from your dispositions have been reduced to Zero with the Capital Losses you have incurred. Therefore you have Zero Capital Gains to report on Line 12700.
  2. The Capital Losses you have not used to reduce the Capital Gains will not be seen on this year's tax return as an entry on Line 25300. They can be Carried Forward or applied to any Capital Gains you have incurred in the previous three years. 

 

If you choose to apply those Capital Losses as a Carryback, you'll need to complete the "Net Capital Loss Carrybacks", or the amounts will automatically be carried forward by CRA. 

 

When you do the Review using TurboTax Online, in the Tax Savings Opportunities section, click Explore next to "Any losses not applied to the three preceding years can be carried forward and applied against future years", and then "Applies to me". You can then continue to the page "Net Capital Loss Carrybacks". Here you can see how much of a Net Capital Loss you have incurred and make your choice to carry it back, or forward.