In 2014, I had capital gain on sale of rental property and tax was paid accordingly. In 2015, I am anticipating capital loss on stocks. Is there a way to get capital gain tax of 2014 refunded based on the capital loss of 2015.

Sorry, I did not tag my country. It is Canada.

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    Please tell us your country. Tax question are impossible to answer without knowing the country. – mhoran_psprep Oct 14 '15 at 10:56
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    Usually in most countries capital losses are carried forward to future income years not backwards into past income years. – Victor Oct 14 '15 at 11:55
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    @Victor FWIW, in Canada, in addition to the carry forward, a capital loss can also be carried back up to 3 years to reduce taxable income due to previous capital gains. – Chris W. Rea Oct 14 '15 at 12:12
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    @ChrisW.Rea, interesting - that is definitely not available in Australia, which is why the country tag is so important for these questions. – Victor Oct 14 '15 at 12:19
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    @Victor I couldn't agree more! How about we trade you our capital-loss carry back for your preferential voting system? We could use it right about now... :) – Chris W. Rea Oct 14 '15 at 12:22

To apply for a capital loss carry back just download the form (T1A) and fill it out - and mail it of course.

Here is a link to T1A for a loss carry back http://www.cra-arc.gc.ca/E/pbg/tf/t1a/README.html

Another form that is use for adjusting previous tax returns is the T1-ADJ. This is NOT the form for a loss carry back. I only mention this because I've seen people confuse the two. Interestingly, this one can be filled out online in 'My Account'.


  • Going through the form T1-ADJ, it seems that it is used if tax return filer has received an assessment or reassessment notice with an amount that is different from the amount on the return that was submitted. – user34081 Oct 16 '15 at 14:51
  • The form T1A is for Loss Carryback. In my humble opinion this form seems to be relevant. Has anybody different opinion? – user34081 Oct 16 '15 at 15:04
  • I'll make my answer clearer. – brian Oct 16 '15 at 16:16
  • Your comment about T1-ADJ is incomplete. T1-ADJ is usually used if you want to change a previous tax return for most things except a loss carry back. eg. You receive new information slips or receipts after filing. Or maybe you just realize you made a mistake. If the government finds a mistake, you don't need a T1-ADJ (unless you want to, of course). – brian Oct 16 '15 at 16:23

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