I have a T1 client with self-employment income. He hasn’t filed his taxes for 3 years (2017 was last year filed). He had non-cap losses for 2017, but positive income for 2018. TaxCycle is not fully applying the 2017 loss against 2018 income. Is there some limitation (in the ITA) to explain this? Or is it a bug in TaxCycle? See below:
Never mind. I figured it out. TaxCycle’s optimization was working perfectly - applying only enough non-cap losses to reduce tax payable to zero. (Although he still has to pay CPP on self-employment)
Love when we answer our own questions… Have a lovely night.
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great. have a good day