2024 T1 client has T3 slip box 21 and 53 of $0.94. He has a Net Capital Loss carryforward (using $0.47).
The amount on line 12700 is $0.47. Amount on line 25300 is $0.47. This client is not subject to AMT.
Question is for T691 line 67922 review message
“Net capital losses of other years have been claimed on T1 line 25300. If applicable, enter the difference between the amount of those losses and the amount of losses deductible for AMT purposes using the rules in effect for this year.”
What do I enter on line 67922? I tried $0.0 - E-File rejected
Do I enter 60% of line 25300 on line 67922?
Try 1.00
Have you heard of CRA not accepting amounts on these lines if they are less than $1?
My reasoning is that CRA Often will not accept less then $1.. that is why I was offering that option. I have had to change different line numbers over the years to $1 to make CRA efile work.
I have no specific details on those line numbers.
Perhaps Taxcycle technical can provide further guidance.
Out of interest, what was the efile error code number?
I can confirm that I have deducted capital losses of other years on line 25300 against current year capital gains with a “zero” on line 67922 of the T691(AMT schedule) and those T1 returns efiled without any issue.
As you and @rachelavryl have mentioned; it could have something to do with the amounts being less than $1.00.
I don’t believe Line 67922 of Form T691 existed in prior years, even in cases where taxpayers had capital loss carryforwards from before 2000 that were subject to a different inclusion rate (i.e., other than one-half). I could be mistaken, but I wonder if Line 67922 was introduced in anticipation of the CRA administering a two-thirds capital gains inclusion rate for dispositions after June 25, 2024. I’d really appreciate clarification from anyone who’s more familiar with this.
Glad you got it figured out @sgaulton.
Those error messages related to the S3 and the T936 (CNIL) rather than the T691 (AMT Schedule). I don’t think the diagnostic warning on line 67922 of the T691 related to the efile error you were getting… likely a coincidence.
Right or wrong, I’m not using line 17600 on Schedule 3. I’m dumping all of my capital gains into period 1 (17399, 17599, and the total at 19699). Boxes 68140 and 68150 on the CNIL schedule T936 seem to calculate as expected.
@Easyzen … no, line 67922 did not exist in prior years. The AMT calculation was completely overhauled for 2024. Under the old regime 80% of capital gains were included for the purposes of AMT calculation and 80% of net capital losses were deducted. Under the new system 100% of capital gains are included for the purposes of the AMT calculation and 50% of net capital losses are deducted.
I may be mistaken… but my understanding was when the proposed capital gains inclusion rate was increased to 67% there was no offsetting increase to the deduction of capital losses for the purposes of the AMT calculation on the T691. So technically speaking, you could have had Period 2 capital gains being included at 67% on the T1 and net capital losses deducted against those capital gains at what would be a 67% rate but the rate for deducting net capital losses on the T691 remained at 50% of the raw capital loss regardless of the amount deducted on line 25300.
With the elimination of the 2/3rds inclusion rate I don’t see any instance where there could be anything other than zero on line 67922 of the T691. Last week I completely neutered (ie never show this message again for any clients) that review message to which @sgaulton referred to.
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