Currency Capital Gains / Losses
Moderator: Mark T Serbinski CA CPA
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- Posts: 44
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Currency Capital Gains / Losses
I have to fix a few past returns due to gains and losses on currency transactions (due to my ignorance). When I pull up my account on CRA website I see they have a chart "Capital Gains/Losses ... CarryOver amounts CG" They have interest income from years gone by as capital gains. So .... when I report the capital losses and gains on my tax forms (50%)? .... will the interest values already posted ... have any affect on the currency gains and losses I input?
Re: Currency Capital Gains / Losses
CRA wouldn't have arbitrarily changed interest income to capital losses (which is what is being carried forward). Besides, thos would have been from information YOU put on your previous returns.
But, if you do have cap gain losses, you can use them against this years gains. If you have previous losses from previous years, you need to amend those years.
But, if you do have cap gain losses, you can use them against this years gains. If you have previous losses from previous years, you need to amend those years.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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- Posts: 44
- Joined: Fri Oct 12, 2018 2:37 pm
Re: Currency Capital Gains / Losses
My interest income is in the Net Inv/Gain Loss Column not the Capital Gains column of the chart on Carry Over Amounts Chart. So, that column will not affect actual capital currency gains or losses as those figures will go in the first column .. Capital Gains? Why does CRA keep track of the interest income in the second column Net Inv/Gain Loss ??