TaxCycle | Products | Pricing | Training | Documentation | Support | News

Unusual AFR data being imported

Is anyone else noticing some of the AFR data in regards to capital and non capital losses being different this year? I have one file that a 1983 non capital loss is being downloaded but it did not exist last year and is likely wrong. I have also had some issues with the odd capital loss showing up that did not exist last year.

1 Like

Yes I had one. I was a bit skeptical as well. Unapplied capital loss from 1980. Applied against regular income with success though. :+1:

I have seen 1 capital loss from prior to 1985 that was not there last year. To confirm, I checked the 2018 Notice of Assessment, which did show the loss. I used it against 2019 capital gains and it was fine.

had an unused non-capital loss pop up…from the early 2000’s

Have put in a adjustment request for 2017, will see what happens…

I have also checked the notices of assessment but in my case these new amounts are not there.

Same here - non-capital losses from years ago are now showing up in the AFR data. Tax Cycle still flags them as needing attention. I don’t think it should be flagging them - there’s no “judgement” required here, is there? It’s a simple subtraction: current tax year minus the year the loss expired (which is the year the loss arose plus 7 or 10 or 20, depending on the date).
image
What really bugs me is that when you click on the link to Transfer all values listed above, Tax Cycle does nothing, because (of course) there is no row on the NonCapLoss worksheet corresponding to the year value in the AFR worksheet (in this case 1989).