If a business incurred a non-capital loss in its current fiscal year, or did have a loss last year, it can carry this loss back and apply it against a profit it made in any one of its previous three tax years. Applying this loss against a profitable year will provide a refund of some portion of the taxes that were paid [...]
Posts Tagged ‘loss carryback’
Taxes: Making the inevitable as painless as possible
by David Logan - Tuesday, July 7th, 2009Though it is a cliché, it does bear repeating as a simple, unavoidable truth – nothing is as certain as death and taxes. And while we can always hope that the first is far off, the latter will occur with frequent and unavoidable regularity.
As a business that may be struggling, or proactively looking at ways [...]
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