Request to Carry Back 2024 Loss to Prior Year

Tax Topics
1

I completed a 2024 T1 for a taxpayer and submitted a loss carryback request via the T1A (line 66380), prompted during the return. The loss originated from the Bonds, Debentures, and Promissory Notes section of Schedule 3. In 2023, the taxpayer reported a capital gain from the sale of a rental property (Schedule 3: Real Estate, Depreciable Property, and Other Properties).

CRA acknowledged receipt of the carryback request on May 3, 2025 on the NOA that I saw under “Represent a Client” and indicated “We got your request to carry back a loss to previous years. If we change a previous year’s tax return, we will send you a notice of reassessment.”

In my experience, loss carrybacks typically process faster.

Has anyone experienced something similar or have any thoughts?

2

Everything is significant slower… if I am luck y enough to get dates ( some have popped in the last week … it is 6 – 8 months from submission)

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3

Yep - you’ll be lucky if you see the RAP this year. Nothing is fast anymore. Nothing is slow either. Glacial would be closer.

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