One of the people in our office working on T3s noted the following:
NetCapLoss form: You enter capital losses carryforward at top of form.
In Step 2 – applying net capital losses of other years to 2014:
- Line 4 is unapplied capital losses from top of form - this one is fine
- Line 5 – taxable capital gains from line 127 of return - we could not find line 127 on the T3 return
The amount from line 127 (where ever it may be) does not carry forward from Schedule 1, Line 23, so we have to override the box to claim the prior year capital losses. The override results in the correct calculation.
Is there something we are missing on this?
The losses end up on the proper line of the return, but the description refers to claiming the amount on line 253 of the return, but there is no line 253 on T3. we think it should be line 52. (Possibly the lines are referring to T1)