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ABIL
I have a ABIL for 2023 but I don't want to deduct all of it this year, can I just apply some of it and carry forward the rest?
and if so, how do I do this within Turbo Tax
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April 25, 2024
12:14 PM
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Investors and rental owners
Are you using TurboTax CD/Download or TurboTax Online?
April 25, 2024
12:21 PM
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Investors and rental owners
No. If your ABIL is being entirely used to lower your Net Income, then you can't choose to carry part of it forward.
April 25, 2024
1:36 PM
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Investors and rental owners
Thanks. But I could elect not to claim my ABIL until next year and for the remaining portion select how much to apply to 2023 or 2022?
April 25, 2024
1:46 PM
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Investors and rental owners
You should check with the CRa if you are allowed to do that.
If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. If you are elsewhere, you can call 613-940-8495. This page has more ways to contact the CRA: Contact the Canada Revenue Agency
April 25, 2024
2:26 PM