What happens if you have a capital loss?

If you have a capital loss in 2023, you can use it to reduce any capital gains you had in the year, to a balance of zero. If your capital losses are more than your capital gains, you may have a net capital loss for the year.

Generally, you can apply your net capital losses to taxable capital gains of the three preceding years and to any future years. For more information, see Capital losses and deductions.

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