My business made no money this year. Can I still claim business expenses?
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My business made no money this year. Can I still claim business expenses?

Landing Page Forums Personal and Business Tax Matters Corporate Tax My business made no money this year. Can I still claim business expenses?

This topic contains 1 reply, has 1 voice, and was last updated by Avatar of Robert Robert 7 years, 10 months ago.

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  • #5069
    Avatar of Robert
    Robert
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    We have a question from a client:
     
    My business made no money this year. Can I still claim business expenses?

    #5070
    Avatar of Robert
    Robert
    Member

    You can still claim business-related expenses even when no income was generated in the year. This will create a non-capital loss which can be applied to offset taxable business income on past taxation years (up to three years back) or can be carried forward to offset future taxable business income.

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