I have a client with Foreign Properties in T1135. He sold one of them with a capital loss. when I put the capital loss in the foreign form, TaxCylce adds this capital loss into T1A form Part 5, Line M (ready to carry back against the last 3 years’ capital gains)
My question is: Can we claim FOREIGN capital losses (from a real property reported in T1135) against capital gains from Canada? Because I think we can claim foreign capital losses just against foreign capital gains? Is that correct or I’m missing something?