For the losses you incurred in your small business, have you filed this information on your tax return each year by completing the T2125 Business Statement?
- If "yes", then did you have other income to which the losses may have been applied? Or does your Notice of Assessment from CRA show that you have a "Non Capital Loss" available?
- If "no" then you will need to file adjustments to each tax year in which you wish to claim the business loss. When filing an adjustment that does involve claiming a loss, be sure to have all your documents and receipts available as CRA will likely request you submit them to support the claim.
