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.