Can I use the amount of capital loss on 2021 tax form?

[shaebob55]

how do I use it?

[ram06]

You can use the amount of capital losses to reduce your capital gains in 2021. 

As per the Canada Revenue Agency (CRA): Generally, if you had an allowable capital loss in a year, you have to apply it against your taxable capital gain for that year. If you still have a loss, it becomes part of the computation of your net capital loss for the year. You can use a net capital loss to reduce your taxable capital gain in any of the 3 preceding years or any future year.

If you are using TurboTax Online, please follow these instructions to report your capital losses: 

Capital gains or losses reported on T5008, T5, T3, T4PS, T5013 slips

1. Select Find at the top-right corner of your return screen.
2. Type the name of your T-slip in the Find window (for example, type "T5008" for securities transactions).
3. Select the name of your T-slip from the list of results (the Find tool highlights the closest match in a list of results), then select Go.
4. Enter the amount on the slip directly into the TurboTax page dedicated to that slip.

Please see this link for additional assistance:

TurboTax FAQ: Where do I report gains or losses in TurboTax Online?

For any further information, you can use this link from our website to get more details: Claiming Capital Gains or Losses or the link from the CRA website: How do you use a capital loss? 

Thank you for choosing TurboTax.