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dsouzajm
Level 1
March 5, 2026
Question

T3 Net Capital Loss from 2024 to be applied to Capital Gains in 2025

Using One Pay T3.  Held back in trust net capital loss carryforward from 2024 ($160) against 2025 beneficiary capital gains to apply loss on T3.  Income in trust is zero but is generating a tax payable.

1 reply

rdenis
Level 4
March 28, 2026

Not knowing what type of trust you have, but I would hazard a guess you are triggering minimum tax.  Check Schedule 12.  If its a life interest trust (eg. alter ego, spousal, joint partner etc.), you will need to make a 104(13.2) election on the Allocation of Income and expenses to beneficiary worksheet.

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