How should I report taxable capital gains/losses from a prior year?
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Hi. I have a question related to Canadian income tax, specifically to capital gains and losses. I forgot to report some capital gains and losses from a prior year. Is it possible for me to report them in my next income tax return? If so, what is the best way to do it? Thanks ahead for your help.
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Answer:
Either go online and make the adjustments using My Account or you can fill out a T1 adjustment form. Here is the link- http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/ If you choose to fill in the form, you will need to mail it in with copies of your backup.
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Holy
The best way to report them is to prepare a T1 adjustment for the 2008 year including the capital gains & losses. You should attach a Schedule 3 (Capital Gains & Losses) for 2008 as well. This will include them in the 2008 tax year, which is the correct year for them to be filed.
David
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