Capital losses can only be used to offset capital gains in a given year; there is no limit to the amount of a net capital losse for a year, but that can only be applied against taxable capital gains in other years
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 three preceding years or in any future year.
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/lss-ddct/gnrl/...
More detailed information about the rules regarding carrying a net capital loss back or forward:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/127/lss-ddct/gnrl/...
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