Set off less Business losses with T4 income

[Max3472]

Hi,

I recently made the difficult decision to close down my business after running it for 12 years, resulting in substantial losses. Concurrently, I've been earning income from T4 employment. Upon using UFile, I noticed that the losses from my business were offsetting my T4 income, resulting in a taxable income of $0.00. However, I prefer not to utilize all of these losses and aim to maintain around $20,000 in taxable income. How can I adjust this in UFile?

Thank you, Max

[Geo123]

Hello Max3472,

You can limit carry forward losses from prior years but can not limit a non capital loss against the current year.  HOWEVER if you can not use the non capital loss, due to insufficient other income, UFile will carry it forward automatically.  You can then use as a carry forward or carryback.
Eg. DO not have any income to use the capital loss, UFile will C/F the loss for future year(s) OR can carry back the loss 
Please refer to Schedule T1A – Loss Carryback.
 

[Max3472]

Thank you very much.