If you sustained a loss in 2017 and want to carry it back to one or more of the past three years, you can do so on form TP-1012.A-V: Carry-back of a loss. If you had a net-capital loss this year, you can also carry the loss back and apply it to a past capital gain using this form.
Note: If you carry back a loss, any late-filing penalties that you owe for the year to which you’re carrying back the loss won’t be reduced. However, a refund from the carry-back can be applied to any debt you owe the government.
You can also use the TP-1012.A-V to carry back:
- A net loss resulting from a loss on precious property, reducing how much you gained by selling it
- A non-capital loss from a restricted farm loss, which can be applied against your restricted farming income
- A non-capital loss from other types of businesses, which can be applied to any type of income that you had
- A loss related to fishing or farming, which can be applied to any type of income that you had
Where do I claim this?
Follow these steps in H&R Block’s 2017 tax software:
Before you begin, ensure that you told us that you lived in Québec on December 31, 2017.
- Under the PREPARE tab, click the OTHER icon. You will find yourself here:
- Under the OTHER DEDUCTIONS section, select the checkbox labelled Carry-back of a loss (TP-1012.A-V), and click Continue.
- When you arrive at the page for the Carry-back of a loss, enter your information in the software.