T3 capital loss

Tax Topics
1

Hello all,

Filing a final GRE T3 trust return. The date of death happen before the change, so cannot carry back the capital loss to the T1 final return anymore by election subsection 164 (6) (only the first year can be carry back). With the capital loss now incur by the estate, will that be lost? Or is there other ways to utilize this capital loss? Transfer to beneficiaries?

Thanks in Advance

2

Bill C-15 has amended this rule to provide much-needed breathing room. Extended Deadline: Executors can now file the Subsection 164(6) election for capital losses realized in any of the first three taxation years of the Graduated Rate Estate (GRE).

3

Yes, in my situation the date of death in 2023, so the new rule don’t apply unfortunately :disappointed_face:. Is that right?