I have a self employment loss, may I carry it forward to next year? If so, how much? Can I carry forward the amount after maximizing my refund for this year?

[joannejpcdn]

EG: If I have 10k income and 15 k loss and 5 k personal exemptions, may I carry forward 10k in losses?

[linhph178]

Please note that you cannot carry forward self-employment loss, but you can deduct it from your other source of income such as income from your part-time job, rental property. For more information, please check this article: Capital Losses Versus Other Types of Losses

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[joannejpcdn]

I am confused. I contacted CRA as there was different information from what is listed on the Turbo Tax site about non-capital losses and they sent me this link. It confirms non-capital losses can be carried back 3 years and forward 20. Am I missing something? 

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-re...

kindly,

Joanne

[lowbbee]

Hello, @joannejpcdn  i am also confused about this question.  did you finally get an answer?  Can we carry forward the self employed loss? Thank you!

[TurboTaxSusan]

@lowbbee As per the CRA: You may have incurred a loss from a business other than farming or fishing. If this loss is more than your other income for the year, you may have a non-capital loss. You can carry back your non-capital loss up to 3 years. Non-capital losses incurred after 2005 can be carried forward up to 20 years."

https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4002/t4002-8.html