Carry-forward Amounts

If you are unable to use certain deductions or tax credits in a particular tax year, you may be able to use them in a future year. Common carry-forward items include:

• Non-capital losses – business losses arising in taxation years ending after 2005 may be carried forward 20 years (previously ten years for losses arising in taxation years ending after March 22, 2004, and seven years for losses arising in earlier years)
• Net-capital losses – losses on the disposition of capital property may be carried forward indefinitely
• Foreign business tax credits – unused foreign business tax credits arising in taxation years ending after March 22, 2004 may be carried forward 10 years (previously seven years)
• Charitable donations – unused charitable donations may be carried forward five years
• Tuition, Education, and Textbook credits – unused tuition, education, and textbook amounts may be carried forward indefinitely
• Interest on student loans – unused student loan interest expenses may be carried forward five years
• Home office expenses – excess undeducted home office expenses of an employee or a self-employed individual may be carried forward indefinitely.

Information for Tax Tips is provided as a public service by the Chartered Accountants of British Columbia.