Mubashar Posted June 23, 2023 Report Share Posted June 23, 2023 Is it allowed claim capital losses against ordinary income (T4 income) in order to lower your overall net income? Are there any guidelines from the CRA regarding this matter? Quote Link to comment Share on other sites More sharing options...
Geo123 Posted June 26, 2023 Report Share Posted June 26, 2023 Hello Mubashar, Non-capital loss current year When you apply non-capital losses against other sources of income, it lowers your taxable income for the year. This includes any loss incurred from employment, property or a business. If you have leftover non-capital losses or unapplied losses from previous years (check your notice of assessment or reassessment), you can generally carry these amounts back up to 3 years by using form T1A: Request for loss carryback. Line 25200 – Non-capital losses of other years Generally, a non-capital loss for a particular year includes any loss incurred from employment, property or a business. If your allowable business investment loss (ABIL) realized in the particular year is more than your other sources of income for the year, include the difference as part of your non-capital loss.https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-25200-non-capital-losses-other-years.html Quote Link to comment Share on other sites More sharing options...
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