investment funds bought in 2022, then in 2023 the borrowing interest paid $30K, but no investment income. How to entry and carry over the paid expense to later years? Or simply do NOT enter them until next near? thanks
If you enter investment expenses and they exceed your investment income, then this amount will carry forward. However, if in your case, you don't have any investment income, I would recommend consulting with the CRA to determine if you can still call the investment expenses.
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
The problem is that after entering investment expense which is way over income, the exceeding amount did not go to carry forward, instead to generate huge amount of non-refundable credit. How to fix that?
I truly need solution from your expert please: Simply to say, there is only small amount of investment income (about $1500 as no disposition of larger funds in 2023), but big amount of expense about $30K. While turbotax didn't startup carry forward automatically, how to manually fix it with going to the related page? thanks
As suggested by TurboTax Susan you may wish to contact the Canada Revenue Agency (CRA).
If not, we believe your best option is to contact our telephone support team for further assistance, as they have the option to view your screen to help you. To contact them, please follow this link: Contact Us. When asked if you wish to receive an email say NO then say "speak to a representative" then hold the line.
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