Comments on: Use capital losses to reduce taxable income of previous years http://www.canadiancapitalist.com/use-capital-losses-to-reduce-taxable-income-of-previous-years/ Helping you invest and prosper Sun, 12 Feb 2012 00:54:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: 2010 Year-end Financial Deadlines | Canadian Capitalist http://www.canadiancapitalist.com/use-capital-losses-to-reduce-taxable-income-of-previous-years/#comment-331402 2010 Year-end Financial Deadlines | Canadian Capitalist Tue, 07 Dec 2010 03:59:42 +0000 http://www.canadiancapitalist.com/?p=2097#comment-331402 [...] realized capital gains in the current year or in any of the previous three years, you may want to offset some of those gains by triggering capital losses in your portfolio. If you received no other income this year, you may want to consider increasing [...] [...] realized capital gains in the current year or in any of the previous three years, you may want to offset some of those gains by triggering capital losses in your portfolio. If you received no other income this year, you may want to consider increasing [...]

]]> By: Tax-Loss Selling with Index Funds: Part 1 http://www.canadiancapitalist.com/use-capital-losses-to-reduce-taxable-income-of-previous-years/#comment-325215 Tax-Loss Selling with Index Funds: Part 1 Wed, 01 Dec 2010 21:59:36 +0000 http://www.canadiancapitalist.com/?p=2097#comment-325215 [...] dramatically reducing your tax bill. What’s more, you can “carry back” these losses to reduce capital gains tax you paid in the three previous years, or carry them forward indefinitely to reduce any future [...] [...] dramatically reducing your tax bill. What’s more, you can “carry back” these losses to reduce capital gains tax you paid in the three previous years, or carry them forward indefinitely to reduce any future [...]

]]> By: Jack http://www.canadiancapitalist.com/use-capital-losses-to-reduce-taxable-income-of-previous-years/#comment-190255 Jack Wed, 29 Apr 2009 06:04:47 +0000 http://www.canadiancapitalist.com/?p=2097#comment-190255 I sold two stocks in 2008, one had a gain of $10,000 and the other had a loss of $20,000. I have no tax withholding. Based on my other income and deductions, a $10,000 capital gain would mean I owe nothing in taxes. I would like to carry forward the entire $20,000 loss, but I am afraid that the CRA wants me to waste half of it creating a "net capital loss" of $10,000. Is there any way I can keep the loss for another year and claim only the gain? I sold two stocks in 2008, one had a gain of $10,000 and the other had a loss of $20,000. I have no tax withholding. Based on my other income and deductions, a $10,000 capital gain would mean I owe nothing in taxes. I would like to carry forward the entire $20,000 loss, but I am afraid that the CRA wants me to waste half of it creating a “net capital loss” of $10,000. Is there any way I can keep the loss for another year and claim only the gain?

]]> By: RL http://www.canadiancapitalist.com/use-capital-losses-to-reduce-taxable-income-of-previous-years/#comment-190154 RL Mon, 27 Apr 2009 21:05:46 +0000 http://www.canadiancapitalist.com/?p=2097#comment-190154 I want to carry back capital losses from 2008 to the years 2005, 2006, 2007. On my 2005 return I have taxable capital gains (line 127) of $15,557 and net capital losses of other years (line 253) of $2742. Should I carry back the difference between the two for 2005, and then the amounts on line 127 for 2006 and 2007 (years in which I carried forward no capital loss). I want to carry back capital losses from 2008 to the years 2005, 2006, 2007. On my 2005 return I have taxable capital gains (line 127) of $15,557 and net capital losses of other years (line 253) of $2742. Should I carry back the difference between the two for 2005, and then the amounts on line 127 for 2006 and 2007 (years in which I carried forward no capital loss).

]]> By: Finance Matters http://www.canadiancapitalist.com/use-capital-losses-to-reduce-taxable-income-of-previous-years/#comment-189641 Finance Matters Mon, 20 Apr 2009 23:21:03 +0000 http://www.canadiancapitalist.com/?p=2097#comment-189641 Bo Capital gains/losses on investment dispositions will not be found on a T5 or T3 (unless internal to a mutual fund). You may receive a t5008 from brokerage for non-registered investments. Mutual fund companies no longer seem to send T5008s but you will find a summary of gain/loss for the disposition of funds in the summary statements they send you. It's up to you to keep track of these gains/losses as well as changes to your ACB. Hope this helps. Bo

Capital gains/losses on investment dispositions will not be found on a T5 or T3 (unless internal to a mutual fund). You may receive a t5008 from brokerage for non-registered investments. Mutual fund companies no longer seem to send T5008s but you will find a summary of gain/loss for the disposition of funds in the summary statements they send you. It’s up to you to keep track of these gains/losses as well as changes to your ACB. Hope this helps.

]]> By: Bo http://www.canadiancapitalist.com/use-capital-losses-to-reduce-taxable-income-of-previous-years/#comment-189633 Bo Mon, 20 Apr 2009 21:13:37 +0000 http://www.canadiancapitalist.com/?p=2097#comment-189633 I am trying to understand this filing a little more, and have wrapped my mind around booking losses, but i don't understand where on the T3 or T5 slips gains are reported, which feed line 127. I have had gains in the previous years, and had a friend of the family do taxes, and looking back now i have noticed that nothing was written in those lines, eventhough i had provided him with all the slips. so my questions is: if in the previous years no gains were recorded, although they were realized, will the CRA eventually find out, is this typically done only during the re-assessment? I am trying to understand this filing a little more, and have wrapped my mind around booking losses, but i don’t understand where on the T3 or T5 slips gains are reported, which feed line 127.
I have had gains in the previous years, and had a friend of the family do taxes, and looking back now i have noticed that nothing was written in those lines, eventhough i had provided him with all the slips.
so my questions is: if in the previous years no gains were recorded, although they were realized, will the CRA eventually find out, is this typically done only during the re-assessment?

]]> By: A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com http://www.canadiancapitalist.com/use-capital-losses-to-reduce-taxable-income-of-previous-years/#comment-189389 A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com Fri, 17 Apr 2009 02:53:30 +0000 http://www.canadiancapitalist.com/?p=2097#comment-189389 [...] of taxes, chances are pretty good that people claimed capital losses on some investments in 2008. Learn how you carry back capital losses to offset capital gains from previous years, courtesy of the Canadian [...] [...] of taxes, chances are pretty good that people claimed capital losses on some investments in 2008. Learn how you carry back capital losses to offset capital gains from previous years, courtesy of the Canadian [...]

]]> By: Canadian Capitalist http://www.canadiancapitalist.com/use-capital-losses-to-reduce-taxable-income-of-previous-years/#comment-189381 Canadian Capitalist Fri, 17 Apr 2009 01:16:34 +0000 http://www.canadiancapitalist.com/?p=2097#comment-189381 A capital gains distribution is declared as a capital gains in your taxes, right? If so, I don't see why you can't write off capital losses against it. A capital gains distribution is declared as a capital gains in your taxes, right? If so, I don’t see why you can’t write off capital losses against it.

]]> By: Phil S http://www.canadiancapitalist.com/use-capital-losses-to-reduce-taxable-income-of-previous-years/#comment-189380 Phil S Fri, 17 Apr 2009 01:11:53 +0000 http://www.canadiancapitalist.com/?p=2097#comment-189380 I wonder whether a capital loss can be written off against a "capital gains distribution" from a publicly listed limited partnership? I wonder whether a capital loss can be written off against a “capital gains distribution” from a publicly listed limited partnership?

]]> By: John http://www.canadiancapitalist.com/use-capital-losses-to-reduce-taxable-income-of-previous-years/#comment-189344 John Thu, 16 Apr 2009 13:50:55 +0000 http://www.canadiancapitalist.com/?p=2097#comment-189344 I was surprised to see a t3 and t5 in the mailbox that show I need to pay capital gains too! I guess I will be getting that back next year:) I was surprised to see a t3 and t5 in the mailbox that show I need to pay capital gains too! I guess I will be getting that back next year:)

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