Non-capital loss carry overs must be deducted in the order in which they were incurred, the oldest one first, followed by amounts arising in later years.

Name: Non-capital loss carry overs must be deducted in the order in which they were incurred, the oldest one first, followed by amounts arising in later years.
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Question

Quizplus · Accepted Answer

Non-capital loss carry overs must be deducted in chronological order, starting with the oldest loss first. This is in accordance with the Income Tax Act.

Non-Capital Loss Carry Overs Must Be Deducted in the Order