Canadian Money Forum banner

1 - 2 of 2 Posts

·
Registered
Joined
·
8 Posts
Discussion Starter #1
I have a capital loss from buying stocks. If I don't report this year can I just record them personally and claim them next year if I need to offset a gain. Also have a friend that is trying to get support payments for her and her kids and the husband is so far not responding until the court catches up to him. Here is the problem and I am sure it is very common. She has borrowed money to pay a lawyer to get into a court room and start proceedings. Is there any way she could use these expenses against her income taxes. She is a low income earner and anything she could claim would help. Two very different questions but would appreciate the help in these matters.
 

·
Registered
Joined
·
465 Posts
You must report capital gains AND losses in the year they are incurred. So report the loss this year on your tax return. If you can't use them against any gains, they will be carried forward indefinitely until you do report a gain. At that point, you can offset the gain by using some/all of the loss. Your notice of assessment will tell you each year how much you have to carry forward.

Note: you can also carry back the losses for 3 years to apply against any gains you reported then. That is your choice and you must use form T1A Request for Loss Carryback.

RE: support- see this link

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/232/lgl-eng.html
 
1 - 2 of 2 Posts
Top