Loss Carryback
Provincial Loss Carrybacks
If you enter a loss for carry back on the Federal Schedule 4, this amount will not update to the provincial loss carry back schedules. You must enter provincial loss carrybacks separately.
Prior Year Loss Carrybacks
Loss carryback requests must be filed according to the tax year in which the loss arose. You cannot file a loss carryback request for the current year relating to a prior year loss.
If you need to prepare a loss carryback request for a tax year other than the current year, use the File/Save As command to create a "dummy" return for the prior year. Once you have created the "dummy" return, you can change the taxation year in the T2 Jacket to the required year. This will ensure that the correct taxation year is printed on any forms produced. It will also ensure that the carryback request does not inadvertently affect other areas of your current return.
Once the request has been completed, switch back to the current return and modify the balance of losses carried forward to reflect the carryback request.
See also