Section 6 – Businesses
Business Losses
Taxpayers must deduct business losses incurred in the year against all other types of income. Any undeducted loss can be carried over to the three preceding years and the twenty subsequent years.
If you have business losses to be carried over against other income, ensure the amount will not cause you to lose your non-refundable tax credits (personal credits, dividend tax credits, etc.).
This document is up to date as of August 31, 2023 and reflects the status of legislation, including proposed amendments at this date.
