Hi, I am trying to do a loss carry back on schedule 4, first time ever done it, thought it would be as easy as just complete all the number, not sure if I am missing anything, the estimated tax recovery as a result of loss carryback is not giving a revised tax payable for the previous tax year, not sure if I am missing anything.
Hope someone can help. Thanks
TaxCycle does not calculate that for you. You have to do the math yourself. If the 5 year is populated, that can be useful but good idea to confirm on CRA in case there other adjustments to prior periods
Dan Chun, CPA, CGA
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I see, first time use this program, so I thought it actually does the calculation once I enter all the figures.