tax assessment - previous year's loss removed?
May 13th 2016, 1:05 pm
#1
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Joined: Jul 2008
Location: Nova Scotia (from Scotland)
Posts: 1,032
tax assessment - previous year's loss removed?
Maybe someone can explain this one, I've tried calling CRA but not getting anyone answering the phone!
I started a business in 2014, and made a loss. I carried forward this loss to my 2015 return for that business. I just received my Notice of Assessment to find they have reduced my 'non-capital losses' to $0, removing the losses I made in 2014 and presenting me with another chunk of tax to pay. Why would this happen? I've gone over my 2015 return and I can't see where the loss was offset against the tax that year, which is the only answer I can think of. How could I tell if this is the case? It seemed as if I paid plenty of tax last year lol.
I started a business in 2014, and made a loss. I carried forward this loss to my 2015 return for that business. I just received my Notice of Assessment to find they have reduced my 'non-capital losses' to $0, removing the losses I made in 2014 and presenting me with another chunk of tax to pay. Why would this happen? I've gone over my 2015 return and I can't see where the loss was offset against the tax that year, which is the only answer I can think of. How could I tell if this is the case? It seemed as if I paid plenty of tax last year lol.
May 15th 2016, 12:04 am
#2
Just Joined
Joined: May 2016
Posts: 18
Re: tax assessment - previous year's loss removed?
I sympathize with taxes, I just completed ours on deadline but wasn't sure what was happening. Hope yours gets sorted.
