Can a tax loss be carried over from one year to another

Hi,

I purchased a rental property laster year and made a small amount of rent in 2007. On doing my sums I reckon I would make a loss on the year and as a result not owe any tax for 2007. My question is can this loss be carried over to 2008 and use this amount as a negative in my 2008 tax calculations thus reducing the tax i will owe.

cheers.

Yes, you can carry the lose forward - be sure you are registered with PRTB.

My question is can this loss be carried over to 2008

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As sam h says Yes

and use this amount as a negative in my 2008 tax calculations thus reducing the tax i will owe.

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You calc your Profit /Loss for 2008 less the Loss carried forward from 2007. If still a loss you carry forward the loss until you make a profit on the investment.

My understanding is you have to make a return to revenue each year to claim the loss forward for the following year.

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