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lomo__
New Member

For tax year 2022. My losses are more than my gains (Stocks). Do I input losses to zero out my gains, or do I put in all my losses?

 
1 Reply
mirvine1
Returning Member

For tax year 2022. My losses are more than my gains (Stocks). Do I input losses to zero out my gains, or do I put in all my losses?

Hi @lomo__ 

If you incurred a capital loss in a tax year, you can use it to offset any capital gains income in the same year, lowering your total income. If, however, you have a net capital loss for the year, the Canada Revenue Agency (CRA) allows you to carry those losses back up to 3 years or forward indefinitely to apply against any capital gains income. The time limits and specific application rules depend on the type of capital gain, as well as other factors.

Here are more details on carrying capital losses backward or forward.

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