Loss-CF

DT Max will calculate the amount if any of losses that can be deducted against net income for tax purposes this year.

DT Max will optimize losses applied by claiming losses available in the following order:

                   1.  Losses that will expire this year:
                      i   Restricted farm losses against farm income;
                      ii  Listed personal property (LPP) losses against LPP gains;
                      iii ABIL
                      iv  Non capital losses;
                      v   Farming/Fishing losses;



                   2.  Losses that will expire next year:
                      i   Restricted farm losses against farm income;
                      ii  Listed personal property (LPP) losses against LPP gains;
                      iii ABIL
                      iv  Non capital losses;
                      v   Farming/Fishing losses;



                   3.  Remaining losses available that can be applied:
                      i   Listed personal property (LPP) losses against LPP gains;
                      ii  Net capital losses against taxable capital gains;
                      iii Restricted farm losses against farm income;



                   4.  Remaining losses claimed (oldest first):
                      i   ABIL
                      ii  Non capital losses;
                      iii Farming/Fishing losses;

The following options are applicable for the keyword Loss-CF.

Types of losses used to enter loss carryforwards ( Loss-CB).

• Non-capital loss

• Ordinary non capital losses to be carried forward for seven years. The loss carry-forward period for non-capital losses arising in tax years ending after March 22, 2004, has been extended from seven to ten years. You can use Loss-CB to carry them back up to three years.

• Net capital loss

• Enter the allowable amount of capital property losses. These losses can be carried forward indefinitely and carried back three years against taxable capital gains.

• Restricted farm loss

• Restricted farm losses to be carried forward ten years and subject to the special rules on restricted farm losses. You can use Loss-CB to carry them back up to three years.

• Farming/fishing loss

• Farming or fishing losses to be carried forward for ten years. You can use Loss-CB to carry them back up to three years.

• Listed personal property loss

• This is the gross amount of capital losses to carry forward in regards to Precious or listed personal property. They can be applied only against Precious or listed personal property capital gains. Listed personal property losses can be carried forward seven years and carried back three years.

• ABIL

• Portion of non capital loss carryforwards attributable to an allowable business investment loss. This must be carried forward separately since, after termination of the seven-year period in which it can be used as a non capital losses, it is converted to a capital loss carryforward.

Amount-CF   

The following options are applicable for the keyword Amount-CF.

• Previous year
• Before May 23, 1985
• 1985
• 1986
• 1987
• 1988
• 1989
• 1990
• 1991
• 1992
• 1993
• 1994
• 1995
• 1996
• 1997
• 1998
• 1999
• 2000
• 2001
• 2002
• 2003
• 2004
• 2004 (before 23/03/04)
• 2004 (after 22/03/04)
• 2005
• 2006
• 2007
• 2008
• 2009
• 2010
• 2011
• 2012
• 2013
• 2014
• 2015

Amount-CF.L   

The following options are applicable for the keyword Amount-CF.L.

• 2004 (after 22/03/04)
• 2005
• 2006
• 2007
• 2008
• 2009
• 2010
• 2011
• 2012
• 2013
• 2014
• 2015

Amount-CF.CL   

The following options are applicable for the keyword Amount-CF.CL.

Amount-CF.lpp   

Losses for precious or listed personal property (LPP) can only be carried forward for seven years before they expire. DT Max will use the oldest losses first to preserve carryforwards as much as possible.

The years allow you to know the dates of reference.

The following options are applicable for the keyword Amount-CF.lpp.

Loss-Claimed

If this keyword is left blank or if "Apply to net income" is chosen, the carry forward of the net capital loss from previous years will be applied against the net income. This option will not create a greater loss as the amount applied will be limited to the net income, carrying forward any unapplied amount as a net capital loss which has no expiry date.

If the option "Apply to current year capital gains" is chosen, the amount of net capital loss carried forward from prior years will be applied against the current year capital gains regardless of net income. This option will reduce the net capital loss carried forward and may create or increase the non-capital loss of the trust which will be carried forward for future years.

The following options are applicable for the keyword Loss-Claimed.

• Apply to net income

• The amount of capital loss carried forward from prior years will be used to reduce the net income. If the trust is at a loss no capital loss carried forward will be deducted on line 52 of the trust return.

• Apply to current year capital gains

• The amount of capital loss carried forward from prior years will be used to reduce the current year taxable capital gains regardless of the trust's net income or loss. This option will use net capital loss carried forward to offset any current year capital gains and could create a larger non capital loss in the current year which will be carried forward. The significance of this option is apparent in light of the limitation of the deduction of net capital losses carried forward.

Limit