Capital losses and gains Turbotax 2021

To carry losses forward, check your CRA My Account to obtain the current balance of your unclaimed losses. If you are not a CRA My Account holder, you can find this amount on your last notice of assessment from the CRA.

 

Fill out chart 4 of the T1A and enter the results on line 25300 of your income tax return (T1). Keep in mind that you must apply the oldest losses first.

 

As per the Canada Revenue Agency, if you had an allowable capital loss for the year, it must be applied to taxable capital gain. Afterwards, if there is still more capital loss, it is considered a net capital loss which can be used in 3 preceding years or future years. It's possible your Line 25300 is empty because you may have had an allowable capital loss but not a net capital loss.

 

For more information please visit our TurboTax article: Carrying Capital Losses Backward or Forward

 

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Hello and thanks for your reply , however my problem is more of a technical nature.

I know my figures , as a matter of fact those losses from previous very imported from my 2020 Turbotax.

But...on my 2021 Tax Return I see nothing on line (zero)on line 25300 why ? Another thing when I click on line 

25300 it takes me to another form called Loss Sheet. On this form I see a heading called Net Capital Losses.

I see there my amount of losses. How do I claim my gains in 2021 against losses in prior years on the Loss Sheet ?

What do I enter where, which filed ?

Thanks

Also T1A is a request for Loss Carryback...I don't think this is correct...or I don't understand it.

I need to carry my losses forward...for example if I lost money selling stocks in 2019 and made money selling stocks in 2021 I want to claim losses from 2019 against gains in 2021...does it make sense ?

Thanks again for any help

Sorry one more question ...yes I have something called net capital losses...I have the figure.

I made some money selling stocks in 2021...so how do I work it out in Turbotax ? Which figure goes where ?

Thanks

I also am having this same problem I cannot claim my prior losses (as per Rev Can Assessment) against 2021 gains. The line 25300 connects to a box 13 called "Available pre-1986 net capital loss that can be applied against other income in 2021" which has been calculated by Turbotax to be $0. Of course my Pre-1986 net capital loss is $0. Why is Turbotax calculating that amount instead of calculating "Net Capital Loss that can be applied against other income in 2021". 

 

I believe Turbotax (downloaded version) has a software error that needs to be corrected ASAP so I can offset my Capital Gains against my Capital Losses from 2001-2020.  If I override amount in line 25300, I will not be able to Netfile. I need a program fix or a workaround so I am able to NetFile a correct return. We have been using TurboTax for years without a problem so hope to get a fast resolution

 

HELP!

 

Today when I signed in, I did an update so I now have the latest version of TurboTax. This problem has not been rectified but it seems to have changed slightly.

 

When I double click on line 25300 which is still $0 it takes me to the form with my capital losses from prior years but does not identify the field that is being picked up. Before the update it was  showing that it was picking the amount from "Available pre-1986 net capital loss that can be applied against other income in 2021."

 

I have hopes that they are working on the problem. I may put the amount in with my Carrying charges and sort it out with Rev Canada after we Net File. still waiting for a correction from TurboTax. not sure if that is a good idea.

I tried doing the same to claim a capital loss online with Turbo Tax.  In the search field I was typing capital loss, but when I contacted a specialist they tried to search just the word loss.  This brought up the appropriate field and I was able to claim my NET capital loss which was noted on my 2020 Notice of Assessment.

Hope this helps