Published: April 10, 2020
Last Updated: April 10, 2020
In the recent Tax Court of Canada case of Burleigh (2004 TCC 197), the TCC said that an individual’s loss that was not reported in his income tax return in the year incurred was deductible in a later year. Therefore an individual is entitled to a loss deduction for a previously unreported loss, subject to carryover time limitations.
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