Applying your 2024 net capital loss to previous years
You can carry your 2024 net capital loss back to 2021, 2022 and 2023 and use it to reduce your taxable capital gains in any of these years. When you carry back your net capital loss, you can choose the year(s) to which you apply the loss.
Note
When you apply a net capital loss back to a previous year's taxable capital gain, it will reduce your taxable income for that previous year. However, your net income, which is used to calculate certain credits and benefits, will not change.
To apply a 2024 net capital loss to 2021, 2022 or 2023, complete "Part 5 – Net capital loss for carryback" on Form T1A, Request for Loss Carryback. This form will also help you determine the amount you have left to carry forward to future years. Do not file an amended income tax and benefit return for the year to which you want to apply the loss.
Note
If you apply a 2024 net capital loss to a previous year, any capital gains deduction that you claimed in that year or a following year, may be reduced.
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