[Oakridge Music Studios]

I think this is a fairly simple question:

how do I postpone a deduction to the following year? If I postpone a 2007 deduction to be claimed in 2008 then how is this distinguished from the 2007 deduction that is claimed in 2007?

Thank you. Any help is appreciated.

[spenceh]

Oakridge Music Studios, on Jun 30 2008, 08:00 AM, said:

I think this is a fairly simple question:

how do I postpone a deduction to the following year? If I postpone a 2007 deduction to be claimed in 2008 then how is this distinguished from the 2007 deduction that is claimed in 2007?

Thank you. Any help is appreciated.

Are you referring to deferring claims for RRSP contributions, medical expenses, donations, etc or are you looking to defer business expenses for the Music Studio?

Also, you are posting your question in the Professional Tax Software portion of the web site. Please redirect your query to the QuicKTax portion if the site.

[Tim Parris]

Oakridge Music Studios, on Jun 30 2008, 09:00 AM, said:

I think this is a fairly simple question: How do I postpone a deduction to the following year? If I postpone a 2007 deduction to be claimed in 2008 then how is this distinguished from the 2007 deduction that is claimed in 2007?

Simple questions sometimes are not... this is definitely not. Since you have not provided enough information, you are not going to get an answer that will be enough to help you and several members of the forum are likely to advise you to seek professional assistance where you can talk to a pro and actually explain what you are asking.

In case you think you are talking about Carry-Forward Losses, tax software including ProFile and QuickTax will correctly carry losses forward when and where permitted. Also, the CRA will note the losses on your Notice. Please note that there are different types - a Non-Capital Loss is different than a Capital Loss and is treated differently.