🚀 go-pugleaf

Just got off the phone with Canada Customs and here is some
interesting news.. Although the inclusion rate for losses incurred in
previous tax years may be greater than 50% (eg. 67%), you have to use
the CAPITAL GAINS inclusion rate for the CURRENT tax year when
calculating your losses... In other words, for tax year 2002, as the
capital gains IR is 50%, the capital loss IR must be 50%...

The net-net is that Quicktax 2002 is correct and you can still use the
software to complete your return....

MG
mgazer1@NOSPAMyahoo.com

"RoadRunner" <RoadRunner191@NOSPAMhotmail.com> wrote in message news:<Oux4a.3496$bK4.527889@ursa-nb00s0.nbnet.nb.ca>...
> For those using Quicktax 2002 - be careful if you have any capital losses
> that you wish to carry back to 2000.  Quicktax assumes your inclusion
> rate(IR) is 50%.  This is most likely not the case.  Your inclusion rate can
> be found in your 2000 Notice of Assessment.  However, if like me, your
> inclusion rate is higher than 50%, then Quicktax will incorrectly adjust
> your capital loss carryback.  If you manually override this, your return is
> now ineligible for NetFile. As the ability to Netfile is an important
> feature of the software, you can rest assured that I was not happy with this
> finding.  On contacting Quicktax support - their response was "nothing we
> can do".  So Quicktax users - beware, and don't blindly rely on the numbers
> that Quicktax calculates for you.  And if like me - you are not happy - call
> them and let them know.  I may just have to return the software for a
> refund.