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Hi,

New to the board and hoping that someone can point me in the right direction.
I cashed in some non-registered RRSPs in late 2006 and incurred a capital loss. I never reported it as I didn't know I was supposed to since I didn't get a form (now I know).

I had a significant capital gain in the 2008 taxation year and paid the taxes on it.

Q1: Is it too late to report my 2006 capital loss?
Q2: Is there a form that I can fill out that allows me to use this loss against 2008's gain?

Thanks again!
 

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By non registered RRSP's, I can only assume that you meant non registered investments, which are not held with in your RRSP.

I can't definitively answer either of your questions, however as the capital loss was a few years ago, I would contact the institution that did the transaction (buy/sell) and request documentation to show to CRA or your accountant if necessary.
 

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If the investments were non-registered, you won't get a specific form from your broker. You should have received a trading summary for that year from your broker. It's up to you to keep track of your cost base for the investment. Dig out your old statements. (It's a good idea to keep all that paper for at least 7 years.)

If the investment was inside an RRSP, it's registered and you cannot claim a capital loss.

If the loss was non-registered, you must print out a T1adj, and a schedule 3 from 2006 from the CRA website. Complete the schedule 3 with the adjusted cost base, the proceeds and the loss. Transfer the information to the T1adj. Attach any/all documentation (copies) that you have. Send all to CRA and wait.

Because 2008 taxes are already done, you have to wait until CRA deals with 2006. This may take weeks or months. Once you get a notice of reassessment from CRA showing that they have dealt with the adjustment. Then you start the whole process over again, but this time for 2008. Complete a T1A (Request for Loss Carryback) and attach a note with it. Send it to CRA and wait again.

You can try to speed things up by attaching the T1A (Request for Loss Carryback) to the 2006 T1Adj package.
 

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...Attach any/all documentation (copies) that you have. Send all to CRA and wait...
If you cannot find the documentation, get copies of it. It will be key for CRA to act. The note should include the fact that you were unaware of the carry forward provisions of capital losses.

(The CRA are currently dealing with incorrect treament of capital loss carrybacks so it might take a while longer.)
 

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[ ... ]

If the investment was inside an RRSP, it's registered and you cannot claim a capital loss.

If the loss was non-registered, you must print out a T1adj, and a schedule 3 from 2006 from the CRA website. Complete the schedule 3 with the adjusted cost base, the proceeds and the loss. Transfer the information to the T1adj. Attach any/all documentation (copies) that you have. Send all to CRA and wait.

[...]
Hmmm ... the original post mentions "non-registered" RRSP, with can't be the case as it's a Registered Retirement Savings Plan. So it's good you covered both situations.

I'm also glad you mentioned the T1adj as at one point, I was told over the phone with a CRA representative that I could request an adjustment for a mistake for the tax year plus three years. I notice that CRA website says
the T1adj in 2010 can be back to 2000.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/chngrtrn-eng.html
 
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