This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
While working in US, my Toronto rental property has been on lease for many years. Every year, due to net positive rental income, I have been claiming Capital cost allowance to make it zero income.
This year for the first time, I will have about $5000 net loss without having to claim Capital cost allowance.
My question is whether I can carry forward this loss to next year to offset against next year's net income?
No, you willsimply have no CCA this year. Next year you will calculate the the CCA in normal way, not "doubling up".
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best