Historical capital gains and losses, and historical capital gains deductions

Keeping track of your capital gains and losses history and historical capital gains deductions is important. If you sold or are considered to have sold capital property, you have to report the capital gain or loss on your return, even if you don’t have to pay tax. The losses you experience in one year can be used to reduce or offset the capital gains you realized in another. And if you've claimed capital gains deductions in previous years, it's important to track those claims so you don’t exceed your lifetime capital gains exemption (LCGE) amount.

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Important: Before you begin, be sure you have your most recent notice of assessment (NOA) on hand – you’ll need it to complete this page.

Your capital gains and losses from previous years

Tax year loss was incurred – Enter the capital gains or losses from each year. Your NOA shows the total capital gains or losses you’ve incurred to date. You can get a year-by-year breakdown of your capital gains or losses by signing into your CRA My Account (registration required).
Inclusion rate – The inclusion rate is used to determine the allowable capital loss that you can claim on your return. To determine the allowable amount, simply multiply your capital loss by the applicable inclusion rate. Since the inclusion rate for 2024 is 50%, you’d have to multiply your capital loss for the year by 50%. This means, you can apply half of your capital losses against any taxable capital gain in the year. Thankfully, H&R Block’s tax software will perform this calculation for you, based on the information you enter.

Note: You can find the applicable inclusion rate on your most recent NOA.

Taxable capital gain amount – Enter the capital gain amount you realized in a previous year; this amount can be found on your most recent NOA.
Unapplied net loss amount – Enter the amount of net capital losses incurred in a previous year that has been carried forward. This amount can be found on your most recent NOA.
Net loss applied from a prior year – This amount represents a net capital loss that has been carried forward from a previous year that you’re applying against a capital gain you’ve earned this year. You can find this amount by signing into your CRA My Account (registration required) or when you download your tax information from the government using the Auto-fill my return feature.
Net loss applied from a subsequent year – This amount represents a net capital loss that you incurred in the years following a capital gain that you want to apply to a previous year return. You can find this amount by signing into your CRA My Account (registration required) or when you download your tax information from the government using the Auto-fill my return feature.
Example:
George realized and reported a capital gain of $5,000 on his 2016 tax return. In 2024, he incurred a loss of $3,000. George can enter his loss of $3,000 that he incurred this year and apply it against his capital gain from 2016.
Note: For information on how to request an adjustment to a prior year return, click here.

Your capital gains deductions claimed in previous years

Tax year gain was incurred - Your notice of assessment (NOA) provides a year by year breakdown of any capital gains you’ve realized. Enter the capital gains from each year as it appears on your NOA.
Capital gains deduction amount – Enter the capital gains deduction amount as shown on your most recent NOA. Your available capital gains deduction amounts will be listed on a year by year basis.
Net capital loss amount – If you’ve got a net capital loss amount that you’d like to apply against a capital gain you’ve realized in 2024, enter this amount here. This amount can either be found on your Schedule 3 or in the field labelled Unapplied net loss amount on the Capital gains and losses history page in H&R Block’s tax software.
Net farm property disposition amount – If you disposed of a farm property in 2024, this amount can be found on your current year’s Schedule 3. If the amount is from a prior year, you can find this amount on your most recent NOA, by signing into your CRA My Account (registration required), or if you download your tax information from the government using the Auto-fill my return feature.
Net small business share disposition amount – If you disposed of small business shares in 2024, this amount can be found on your current year’s Schedule 3. If the amount is from a prior year, you can find this amount on your most recent NOA, by signing into your CRA My Account (registration required) or if you download your tax information from the government using the Auto-fill my return feature.