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Level 3
posted Apr 30, 2024 9:23:52 AM

Non-Capital Losses from Self-Employment used against Net Capital Gains from Sale of Stock

I was self-employed for several years but ended my self employment in 2013. I had expenses that exceeded my income and claimed them accordingly and did see a reduction in my taxes as I also had full time employment.

However, are these losses year to year that exceeded my self-employment income considered non capital losses? And if they are considered non-capital losses can I apply this amount to my capital gains from the sale of equities?

0 1 2525
1 Best answer
Level 3
Apr 30, 2024 9:31:54 AM

Hi @Independent Tax Filer ,

 

Non-capital losses cannot be used to offset capital gains.

1 Replies
Level 3
Apr 30, 2024 9:31:54 AM

Hi @Independent Tax Filer ,

 

Non-capital losses cannot be used to offset capital gains.