Line 35 - Non-capital losses of other years
Line 35 - Non-capital losses of other years
A non-capital loss could arise if the trust had a loss from business or property in a year, and it was more than the trust's income from all sources in that year.
The tax year in which the non-capital loss was incurred will affect the extent to which you can carry over the unused portion. You can carry over the unused portion of a loss that was incurred in a tax year-ending:
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on or after January 1, 2006, back 3 years and forward 20 years
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after March 22, 2004, and before January 1, 2006, back 3 years and forward 10 years
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before March 23, 2004, back 3 years and forward 7 years
If the trust has an unused non-capital loss from a previous year, you can use it to reduce taxable income for the current year. Enter this amount on line 35.
For information on how to carry back an unused non-capital loss, see "Form T3A, Request for Loss Carryback by a Trust"on page 37.
Farming and fishing losses - If the trust had a farming or fishing loss from a previous year, see "Lines 37 to 43 - Other deductions to arrive at taxable income"on the next page.
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