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| *The Commerce Journal>>>Canada Taxes |
What tax deductible claims can you carry foward to following years? |
I'm a Canadian citizen and resident. I am wondering if you can carry forward all the tax deductible claims/expenses to follwing years. Is there certain things that you need to claim them on that specific year only or else it's 'gone'? I am also particularly curious about mortgage interest expense and government payments such as property tax or utility. Can you carry these forward? If you have rental income than mortgage interest, utility (if you are paying) and property tax are deductible as expense. But can not carry forward. On principle home property tax claimed on provincial tax credits. But mortgage interest and utility expense are not deductible. You could carry forward: Capital loss, RRSP unused contributions up to $2000 Non refundable credit: Tuition and education credit, student loan interest, Donations. Source(s): Look for More Info. on carry forwards: http://www.cra-arc.gc.ca/ebci/cjcm/searc... As far as I know, property tax on principal resident is not a dedcution and it can't be carried forward. The previous poster talked about $2000 unused RRSP carried forward. I think the $2000 refer to the "maximium over contribution amount". It means that you can over contribute up to $2000 without penalty. Unused RRSP can be carried forward indefinitly. Other expamples of tax credits you can carried forward are: - Tuition/education credit - Donation - Medical (not really carried forward but you can play around the date to maximize the credit if eligible) - Capital loss - ABIL |
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