How do i claim capital loss vs last year capital gain?

[TurboTax-Christine · Accepted solution]

Hi

You enter the loss on your 2015 tax return.  Then you request a loss carryback.  In the profile tab, (3rd page) Answer Yes to the question "Did you have any loss....."  The under the deduction tab -> Request for Loss carryback -> enter in the applicable screen, it will show you the allowable capital loss you have available, then select the year for which you want to offset the gain.

CRA will adjust the tax for the year that the gain appeared on.  http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/lss-ddct/prvs/...

Hope this helps.

Christine