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Discussion Starter · #1 ·
Hi forum,

I have the following T5008 forms:
- For 2018, showing $1500 loss;
- For 2019, sowing $1000 gain.

I did not declare my T5008 last year, because it was showing a loss. My main question is, can I declare both T5008 now (for tax declaration of 2019) so that in total a loss of $500 is reported? Or do I need to first go back and adjust my 2018 declaration by adding the first T5008 and then hoping that the loss is automatically taken into account when declaring this year?

Thanks a lot for your help!

Martin
 

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You have to get the 2018 loss registered first. If the 2018 return has already been filed, you will need to adjust it, either online or by filing a T1ADJ form.
https://www.taxtips.ca/filing/changereturn.htm

If you haven't filed it yet, you can use software to NetFile it when the NetfFile service is available again on Feb 24th.
https://www.canada.ca/en/revenue-ag.../e-services-individuals/netfile-overview.html


After receiving the 2018 tax year notice of assessment (NOA), check that teh CL was recorded. The 2019 tax return can now be filed where you will need to use the 2018 CL on line 25300 as a deduction.

https://www.canada.ca/en/revenue-ag.../line-253-net-capital-losses-other-years.html


Note that using the CL is not automatic. If you don't enter it on the 2019 tax return, whatever you have will keep being carried forward until you decide to use it or you executor does on your behalf.


Cheers


PS
The other question is whether there were capital gains (CG) in the previous three years to the tax year the CL happened in.
 

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Discussion Starter · #3 ·
Thanks for the quick reply! I'll follow your advice.

And about your question, no there were neither capital gains nor losses before 2018.

Have a great weekend!

Cheers
 
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