A new client has this coming in from AFR. Taxcycle is asking me to "enter the amount of losses that should be excluded in the determination of the balance of losses remaining to be claimed ". Does anyone know what this means? Her notice of assessment from 2021 says she has $333 of non capital losses from other years but shouldn’t the 2005 and 2010 losses be expired? What does “prior year” mean?
It would seem that CRA is correct in their assertion the client has $333 in non-capital losses carried forward and available to claim.
$278 from 2005 plus $334 from 2010 but in 2015 it seems the $278 loss from 2005 was completely used and $1 from 2010 was used. This would leave $333 available to claim.
In Taxcycle you can stop the yellow nag by entering $278 in the box that says “Expired losses to exclude above”.
$333 of the the 2010 loss is still onside to claim as the carry forward period is 20 years.
Thank you! Why did I think the carry forward was only 10 years? Can she claim this against any employment income or does it have to be self employed business income?
