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Self-employment Losses

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Business
Filing your return

Self-employment losses can be carried back 3 years, and can be used to offset other income.

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If you are self employed and had a loss for tax purposes in your latest tax year, the loss can be used to reduce other income on your tax return.  The loss from self employment may be a business loss, or it may be a property loss, such as from a rental.

If you had no other income against which to offset this loss, you can carry back this non-capital loss to any of the prior 3 taxation years.  To do this, you have to file a form T1A, "request for loss carryback".  See the article on changing your tax returnFor carry-forward periods, see non-capital losses.

When tax software is used to prepare your tax return, the request for loss carryback can be completed and filed as part of the tax return.

 

Revised: March 26, 2014

 

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