Pls help n how to enter T5008, client has net capital loss carry forward amount. No record of prior years ACB for shares in question.

I have a client who has net loss carry forward amount from the year 2013 tax assessment notice dated April 24,2014. 

This client has provided me T5008/RL18 Trading Summary (3 pages). In this summary, most transactions were performed within 30 days. 

Thus, if there is a loss, should it be considered a superficial loss and its amount should be added to the ACB of shares. 

I would like to know if I need to recalculate all transactions to reflect these superficial losses, or I can simply enter information from the T5008/RL18 into Schedule 3 assuming that brokerage already did all calculations including superficial losses. Thank you for your help.

Two more related questions
1) Do I need to report all transactions from T5008 on Schedule 3 individually, or I can enter summarized records per share type?

2) Do I need to do any adjustments in Excel trying to calculate gains/losses myself based on the provided T5008/RL18 Trading Summary, or I can just enter data from it into Schedule 3 without any additional calculations? 

(I noticed that this Trading Summary does not have the beginning ACBs carried forward from the last year - client does not have this information either)
Thank you very much.


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You have to report capital gains and losses in the year incurred. If your client has a net capital losses from prior years, you can offset it against any capital gains incurred in the current year but you need to know the years the losses happened because the inclusion rates were different. If only the T5008 were issued for the client, you will need to know the ACB and the purchases for those transactions to calculate the weighted average ACB. Sometimes the investment brokers keep track of those purchases; otherwise, you will have to gather all the purchase transactions from your client and do the calculation. You can report the T5008 transactions in profile by the goto function to T5008 and input the information there which will flow through to Schedule 3.

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