I just did the AFR for a few returns and the T657 has come in with all years where there was a loss blank, which of course generates an error message for each line. I tried to put the negative values in the correct lines, but the computer beeps at me (I assume because the field does not allow a negative value)
Is this a bug, or do I need to enter this information elsewhere?
I’ve not often used acronyms. Please pardon my ignorance, but what does AFR stand for?
Auto fill my return (AFR)
I haven’t done AFR for a client with T657 data for several months, so I don’t know if something changed in the latest versions, but TaxCycle was giving me a review message before copying (or was it after?) allowing me to ignore the years that are zero or no longer apply or something. Can’t remember the exact steps or messages, but there was a method to prevent what you’re seeing. If you’ve done the copy from AFR, and got blank lines for some years, does Ctrl-D work, to delete each line?
If you can send us the file, I can look at the data that came from CRA to see if the problem is with TaxCycle or with the data CRA has for this client…
@Nezzer the blank lines are ones that should have capital losses documented. Deleting the lines is not the answer, unfortunately.
Net capital losses claimed are to be entered as a positive amount. The fields do not allow a negative, hence the beeping.
this is from his 2020 T657 - he still has lots left to claim
(edited to remove attachment)
The second column of the table at the top of the T657 is for eligible capital gains, “eligible” meaning those capital gains that are eligible to the capital gains deduction. Losses are not eligible. The amounts entered in this column feed lines 15 to 22 of Part 2 of the T657 and are then used in the calculation of the capital gains deduction that can be claimed for the year, setting one of the three limits to what can be claimed.
When you refer to losses not yet claimed, those are entered on the Net Capital loss worksheet (NetCapLoss)