# Applying previous capital loss to this years capital gain



## iherald (Apr 18, 2009)

I have a sizeable capital loss that's just sitting in my CRA account going forward indefinitely. This year, I have a capital gain of $500 from some ETF.

I did my taxes last year in Studio Tax, and this year again, using Studio Tax. I've inputted the capital gain at line 21 of my T3, but where do I put the offsetting capital loss?

At the end of the day, the capital gain should be nullified by my capital losses, but it's changing my refund. I'm sure the government will assess it and change it, but since correcting the error means more money for me, I don't want to leave it to the government. 

How do I put in my previous capital losses?

Found the answer, but in case anyone else needs to know:

You basically put the amount of your capital gain on line 253, which negates the line 21 t3 capital gain. That's assuming you have more capital losses going forward than you have capital gains this year.

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns248-260/253/chrt1-eng.html


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## Eclectic12 (Oct 20, 2010)

iherald said:


> I have a sizeable capital loss that's just sitting in my CRA account going forward indefinitely. This year, I have a capital gain of $500 from some ETF.
> 
> I did my taxes last year in Studio Tax, and this year again, using Studio Tax. I've inputted the capital gain at line 21 of my T3, but where do I put the offsetting capital loss?
> 
> ...


It is also important to keep notes year to year as a reminder that the capital loss amount is available to you. CRA will duely report it each year but with a long time between the previous year final assessment and doing taxes the following year - it is easy to forget.

Another one for this is RRSP contributions made but not claimed in the same year.


The notes when reviewed, are a good reminder of the available option.


Cheers


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