# Non Capital losses



## janeg (Apr 26, 2011)

I am unable to locate how to search so forgive me if this has been raised before.
In brief i have a letter from the CRA stating x amount of dollars is available as a non capital loss to offest from prior years, Does this mean I am likely to get a refund of taxes paid in 2009. The cra will take 4 to 6 weeks to process and send me a new notice of assesment and I am desperate to know if a refund will be due. I did pay enough tax in 2009 by the way and wonder if I might get back the whole amount of the NON capital loss I would be in heaven if this happens !!

Thanks in advance for any advice.


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## kcowan (Jul 1, 2010)

They need your direction as to how much to apply to which prior years. Then you will get new notices of assessment for each of the years selected. No other action is required.


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## janeg (Apr 26, 2011)

thanks so much for your reply I have only paid tax in one year that was last year for 2009, so there is only one year it can apply to as asked for carry back not carry forward.

Are you able to offer any advice on a refund. Ive called them today but it will still be a few weeks before they tell me anything.

For example I pay $10.000 in tax for 2009 filed in 2010

I get a refund in $2010 of $5000 for overpayment of tax

In 2011 the cra state I have $4000 available as NON capital losses which I can carry back to toher years. They sent me a letter confirming this.

Does this mean I can expect a refund of $4000 

any advice hugely appreciated thanks


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## Young&Ambitious (Aug 11, 2010)

To add to that, choose a year (in the prior 3 taxation years) where your gross income sources were the highest (highest marginal tax rate) or if your income in the coming years will be greater (greater marginal tax rate) then you may want to consider holding off using your non-capital loss until a period of greater income.


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