Where can I enter the CNIL value stated on my last assessment?

[Andy11111]

I know there is a place to fill out a form or schedule or table with data from many previous years, that will calculate the CNIL. That's impossible to do, accurate data for that doesn't exist. However CRA tells us each year, on our assessment, what our CNIL is. So it should be possible to just enter that value somewhere. Where can that be done?

Thanks!

Andy

[TurboTax-Duncan · Accepted solution]

Hi, thank you for using Intuit TurboTax Community

For CNIL from previous years, look at the Carry Forwards form: there is a section to enter the CNIL. TurboTax will then post the amount to Part 3 of the T936

Hope this helps

[Andy11111]

Thanks Duncan, I'll look for that when I file next year.  Glad to know there's a simple place to enter the CNIL value CRA has for me, much easier to give them back their value.

Regards,

Andy

[Andy11111]

Hi,

Just trying this now, and there is no line on the Carry Forwards form to enter the CNIL value.  Where can this be done?

The carry forwards seems to be form T936 and this asks for investment expenses and income for 2020.  There isn't any line to enter the CNIL value from my 2019 notice of assesment, to be used as an initial value for 2020.

I've never used form T936 annually so I don't have that expense vs income data for previous years, I just have the CNIL value that CRA states on the NOA.

Thanks

Andy

[TurboTax-Duncan]

Hi, thank you for using Intuit TurboTax Community

You will need to check with CRA for the details to make the required entries on the carryback form to post on T936. Although the CNIL is reported on the NOA, the details are not: you can obtain the details from CRA either through my account, Autofill my return or by calling.

Hope this helps

[karmenko]

Hi, 

I entered previous years' non-capital losses in the loss profile section but when I review the preview of the tax form, the software has not populated line 15 - Total investment expenses claimed in previous years. Why is that? Am I entering previous years' losses in the right place? 

Thanks

Karmen

[Andy11111]

I figured it out last year but didn't write it down :(   However it seems a bit better this year - in EasyStep, search for "net capital" and the suggestion box will list Net Capital Loss Carryfoward.  Click on that.  You're now on the EasyStep version of the worksheet for line 25300 where the loss will go.  The net capital loss stated on last year's NOA cannot be directly entered on line 25300 since that total loss amount might include amounts from years that had different "inclusion rates". 

On the EasyStep (or directly in the worksheet for line 25300), enter the parts of your total carryforward loss for each of the periods when they happened.  For most of us, it will all be 2001 and later so the inclusion rate is 100%.  Then click Continue, and you have a form where you enter how much of the loss you actually want to use this year.  TurboTax will put the calculated total onto line 25300.  I can't finish checking this since I haven't entered my gains yet, but looks like this is how the capital loss carryover is entered.

One other detail - I found out the phrase "CNIL" is not the same thing as net capital loss carryforward (from stock capital gains, losses).  CNIL is a specific term from CRA for business investment losses, and isn't capital gains and losses, so searching for CNIL might give confusing information.

[karmenko]

Thanks, Andy for the detailed explanation. I'm still doing 2020 Canadian taxes (i know i'm late :( ) and my CNIL  is non-capital as it's for rental income loss. Do you know if the process is similar for non-cap losses? thanks

[Andy11111]

Hi

Unfortunately I haven't had to research that type of capital loss.  I'm fairly sure it would not be put into line 25300 though.  You could look on taxtips.ca, a very good site, they don't have any info on TurboTax but  have more info on those types of gains and losses to understand them.

Andy