Capital loss from previous years

[erfan1985]

Do I need to enter capital loss from my last year's CRA Notice of Assessment anywhere in order to forward? or it is automatically forwarded to the future years?

[nelsona]

It is automatic, but there should be a place in the software to list it, so that you won't have to go searching. Populate the capital loss history if it hasn't been doing so in the past

It is also on your "My account" for CRA.

[erfan1985]

CRA has it but I cant figure out where to enter it in Ufile. I think I m fine just submit it the way it is now? CRA will keep that loss history for me?

[nelsona]

yes, as they clearly have done in the past. You will have to enter it at some point if you want to actually use it on your taxes.

[erfan1985]

Ok I dont want to use it this year. So I m not entering it anywhere. Let s see what happens!

[nelsona]

Since this is a cross-border site, I'm sure you have US tax filing obligations (otherwise why would you be on this site).
Remember that if you have cap losses on the US side, you must use them each year, even if you are not taxable at $3000/year. If you do not clim it, you can't carryforward that $3000.

[erfan1985]

Thanks for pointing this out. I only have Canadian loss. Nothing on the US side yet.

[nelsona]

Im saying you need to report cap gains and losses on BOTH returns.

[erfan1985]

But this is from previous years. not from this year. I only have it on my CRA's NOA from last year. Where do I enter it for IRS?

[nelsona]

Oh, doies this mean you just moved to US in 2021?

[erfan1985]

I moved to US in jul 2020. I had losses from 2020 and that was only due to deemed disposition of property for CRA. On my NOA of 2020 I have these losses mentioned. during 2021 I had no loss/gain to report to anyone. All I had is 2020's losses in Canada. Should I report this to IRS?? or it s not relevant?!

[nelsona]

No, its not relevant, and there is no need to file a CDn tax return either.