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Capital Loss


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In Ufile I entered a non-capital loss for previous years. That loss reduced my applied to my taxable income. However the tax department denied the loss. I have been told it can only be applied against capital losses and not against income. If that is true then Ufile is wrong.

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Capital losses can only be applied to capital gains in future years, or carried backwards 3 years. The only exception to this rule is when you pass away, where capital losses can be claimed against total income in the final return.

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