Ask Allan Forum
Get expert answers to your tax questions straight from Allan, our owner and experienced CPA. It’s free, direct, and designed to help you make the best decisions when it comes to your taxes.
Notifications
Clear all
Ask Allan Forum
2
Posts
2
Users
0
Reactions
0
Views
Mar 04, 2023 2:00 am
If a corporation has a business loss in 2022 My understanding is it can be carried back to previous year ( g : 2021).
Which form is required to be completed and claim it for previous year?
I had a tax owing situation in 2021, so was looking to claim this loss and maybe get a refund.
1 Reply
Mar 08, 2023 4:20 pm
Hi Mark,
Business losses can be carried back to the preceding 3 tax years or carried forward for up to 20 tax years. Complete Schedule 4 of the T2 Return to carry-back a loss.