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New Member
posted Oct 31, 2019 1:23:38 AM

Can i file my business expenses eventhough i dont have any income/revenue?is it gonna affect my tax refund?

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1 Replies
Level 15
Oct 31, 2019 1:23:40 AM

You can choose to include your expenses by completing the Self-Employment section of TurboTax. If your business expenses exceeded your income, you will have a business loss. This is a Non-Capital Loss and can be applied to other types of income (or carried forward if you didn't have any other income in 2018).

Note that you cannot continue to write off business expenses against personal income year after year for many years. The expectation is that your business "has a reasonable expectation of profit", according to the Canada Revenue Agency (CRA), and therefore will eventually generate more income, reduce losses, and become profitable.  If the CRA decides that this is not the case they can not only deny your claim for business losses in the current year, but re-assess your claims for losses in previous years.