How do I report a foreign capital loss T1135 and can I use this loss to reduce Canadian capital gains?

Forum|Forum|4 years ago
March 23, 2022
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Tom_Cheng

To determine your capital loss after selling foreign investments, you must subtract the adjusted cost base (the amount paid for the investment plus commission and fees) from the amount for which you sold the investment. If you are calculating capital loss for the sale of stock, do not include commission in the sale price.

No, you cannot offset. The purpose of Form T1135 is to identify a foreign property and not to calculate taxable income.

For more information, please click: Taxes From Selling Foreign Investments

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scofennAuthor

I have a Foreign Property loss this year report on T1135. Can this loss be used to offset a Foreign Property gain reported on T1135 in a previous year? Why is it so difficult to find an answer to this question?

Tom_Cheng

As the previous post said, the purpose of Form T1135 is to identify the foreign property, not to calculate taxable income. Only Income generated from overseas assets will be taxed. There's no carry-back/forward of losses because you are not taxed on the amounts you enter on the T1135.

For more information, please click Questions and answers about Form T1135

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