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

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? 

 

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