[DanQB]

Hello,

I am a small business owner, this is my first time to prepare the T2 tax return using Quicktax. I have a non capital loss this year, but I don't know how to carry it back to prior years, so I can claim those tax I paid in prior years back?

Much appreciated.

Daniel

[louiskam]

DanQB, on 03 January 2011 - 03:19 PM, said:

Hello,

I am a small business owner, this is my first time to prepare the T2 tax return using Quicktax. I have a non capital loss this year, but I don't know how to carry it back to prior years, so I can claim those tax I paid in prior years back?

Much appreciated.

Daniel

Ask your own accountant and/or the Quicktax forum please.

[DanQB]

louiskam, on 03 January 2011 - 02:37 PM, said:

Ask your own accountant please.

Good answer! It looks like it can be applied to any questions posted here. :-D

I don't have an accountant, that is the reason I came here to ask for help (if I have one, of course I will ask). And people share idea each other is why this forum exists, right?

I actually have some briefly idea here: I should check with CRA how much NOL I can carry back to the last year and the year before...... and then file return adjustments for those years. But I am not sure if I should file those prior year adjustment returns with the current one together, so CRA knows this is a carry back? Or maybe the adjustments forms shows itself? The company is incorporated, so it is a T2 return.

Anyone, please help

Much appreciated.

I will also post the answer here if I find it out later, so other people can also benefit from it.

[DanQB]

DanQB, on 03 January 2011 - 02:49 PM, said:

Good answer! It looks like it can be applied to any questions posted here. :-D

I don't have an accountant, that is the reason I came here to ask for help (if I have one, of course I will ask). And people share idea each other is why this forum exists, right?

I actually have some briefly idea here: I should check with CRA how much NOL I can carry back to the last year and the year before...... and then file return adjustments for those years. But I am not sure if I should file those prior year adjustment returns with the current one together, so CRA knows this is a carry back? Or maybe the adjustments forms shows itself? The company is incorporated, so it is a T2 return.

Anyone, please help

Much appreciated.

I will also post the answer here if I find it out later, so other people can also benefit from it.

Ok, I need to call CRA to find out how much to carry back to which year. And then I need to fill up Schedule four in T2 package to request the carryback. That is it. It seems just this simple.

To carry back a loss on a T1 return (business loss exceed other income such as employment income, rental income...etc), we can also choose to carry back the loss. In this case, we need to file a T1A form(http://www.cra-arc.gc.ca/E/pbg/tf/t1a/t1a-09e.pdf), but of course, this is for SP and partnership only (not for incorporation)

Am I right? louis??? :-)

[PeteP]

DanQB, on 03 January 2011 - 08:25 PM, said:

Ok, I need to call CRA to find out how much to carry back to which year. And then I need to fill up Schedule four in T2 package to request the carryback. That is it. It seems just this simple.

To carry back a loss on a T1 return (business loss exceed other income such as employment income, rental income...etc), we can also choose to carry back the loss. In this case, we need to file a T1A form(http://www.cra-arc.gc.ca/E/pbg/tf/t1a/t1a-09e.pdf), but of course, this is for SP and partnership only (not for incorporation)

Am I right? louis??? :-)

I don't believe that you understood the reply you received from louiskam at all. :(

This (orange) forum is for operating the Intuit Professional product, "Profile"

If you are having problems operating the Intuit "single-accountant-corporation" version, "Quicktax", please post in that (blue) forum, not this one.

For legal/tax advice, the appropriate authoritative source is your corporation's accountant. (or deal directly with CRA).


As a caution, however, pretty much everybody who refers to tax as "simple", is "simply" not understanding at all how complex it is, so please be careful.

Tax is "simple" in the same way that climbing Mt Everest is "simple" - it takes quite some long preparation and skills, as well as the "Quickboots" from the "Quicksalesman" at the "Quickstore". :)