Estate and trust

We have a number of 164(6) elections in process and noticed that on the first blush CRA will only carryback enough of the losses to cover an CG and not against taxable income, then you have to file yet another T1 Adjustment to get the loss applied correctly.  No matter which way we apply it, our own way or CRA's recommended way, the elections are taking almost two years to get processed and for each one we have been submitting a service complaint which does expedite the claim and get it processed correctly - eventually. - but the cost of doing all of this adds up.

We have a number of 164(6) elections in process and noticed that on the first blush CRA will only carryback enough of the losses to cover an CG and not against taxable income, then you have to file yet another T1 Adjustment to get the loss applied correctly.  No matter which way we apply it, our own way or CRA's recommended way, the elections are taking almost two years to get processed and for each one we have been submitting a service complaint which does expedite the claim and get it processed correctly - eventually. - but the cost of doing all of this adds up.

We have a number of 164(6) elections in process and noticed that on the first blush CRA will only carryback enough of the losses to cover an CG and not against taxable income, then you have to file yet another T1 Adjustment to get the loss applied correctly.  No matter which way we apply it, our own way or CRA's recommended way, the elections are taking almost two years to get processed and for each one we have been submitting a service complaint which does expedite the claim and get it processed correctly - eventually. - but the cost of doing all of this adds up.

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Sukhninder Parmar
David Pel & Company Inc
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We have a number of 164(6) elections in process and noticed that on the first blush CRA will only carryback enough of the losses to cover an CG and not against taxable income, then you have to file yet another T1 Adjustment to get the loss applied correctly.  No matter which way we apply it, our own way or CRA's recommended way, the elections are taking almost two years to get processed and for each one we have been submitting a service complaint which does expedite the claim and get it processed correctly - eventually. - but the cost of doing all of this adds up.

Another common process is having to file both the T1 Final and the T3 Returns at the same time along with the subsection 164(6) election. In this case per CRA: the T1 must not include the net capital losses as CRA will amend the T1 after they have reviewed and approved the election. As mentioned following up on delays and as needed formalizing the concern for the delay is the best approach if not always satisfactory.

We have a number of 164(6) elections in process and noticed that on the first blush CRA will only carryback enough of the losses to cover an CG and not against taxable income, then you have to file yet another T1 Adjustment to get the loss applied correctly.  No matter which way we apply it, our own way or CRA's recommended way, the elections are taking almost two years to get processed and for each one we have been submitting a service complaint which does expedite the claim and get it processed correctly - eventually. - but the cost of doing all of this adds up.