T1A: Request for Loss Carryback

What’s in this article?

 

What is this?

The T1A: Request for Loss Carryback is used to carry back a loss incurred in the tax year to any of the three previous tax years. Form T1A can be used for any of the following types of losses:

  • Net-capital losses
  • Non-capital losses
  • Farming or fishing losses
  • Listed personal property losses
  • Restricted farm loss

You cannot carry back losses of a limited partnership or use a loss to reduce late filing penalties for the year which you want to apply the loss.

Note: If you are a Québec resident, use form TP-1012.A-V to carryback a loss.

 

Am I eligible?

If you incurred any of the following types of losses this year you may want to consider carrying them back to any of the three previous years to help reduce your tax payable. You can carryback the following losses on form T1A.

  • Net capital loss can be applied to taxable capital gains only;
  • Non-capital loss;
  • Farming loss (if farming was your chief source of income) can be applied against all other income;
  • Fishing loss can be used against all other types of income;
  • Listed personal property loss which can only be applied to listed personal property gain; and
  • Restricted farm loss which can only be applied to previous farming income.

 

Where do I claim this?

Unfortunately, you cannot complete form T1A: Request for Loss Carryback in H&R Block’s tax software. Instead, you must print a copy of the form from the Canada Revenue Agency’s (CRA) website. Once completed, attach the form to your 2015 income tax return or to your request for an adjustment (T1-ADJ) and send it to your tax centre. Click here for the address of a tax centre near you.

 

Where can I learn more?