If i report my losses in the foreign income section does that go to offset my income for the year? If my total is a loss for the year does that get carried over to subsequent years?
If i report my losses in the capital gains section does that loss get carried over to subsequent years?
A foreign loss will still impact the current year and any loss's from the current year will be carried over to the following years. Depending on the type of loss example capital loss or non capital loss, it could be claimed on a future gain in order to reduce the income tax payable. If the loss is from a foreign source I would say include the information in the foreign section.