What happens if you have a capital loss?
If you have a capital loss in 2020, 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 3 preceding years and to taxable capital gains of any future years. For more information, see Capital losses and deductions.
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