If claiming non capital losses, medical expenses and charitable donations make no difference to the refund should they be held over -

The non capital losses are being held over from previous year but the income is low enough that all income tax paid out will be refunded. is there any point in claiming medical, charitable and non capital

Answer

4 people found this helpful

If you don't need them, you should carry forward the non-cap losses.  They can be used any time in the next several years.  No point in wasting it.

Medical can be saved and not entered for this year.  Any 12 month period can be used ending in the tax year, so if you are expecting higher income and more medical expenses next year, you may be able to use a portion of this year medical.  Charitable donations can be entered and will be carried forward on the T1 and tracked by CRA.

Was this answer helpful? Yes No
Original
SuperUser

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community