Confirm carryforward amounts (losses, credits)

Confirm Carryforward Amounts (Losses, Credits)

Don’t Leave Valuable Tax Benefits Behind

Many Canadian taxpayers overpay taxes simply because they forget—or incorrectly report—carryforward amounts such as losses and tax credits from prior years. Confirming these amounts before filing your tax return is essential to ensure accuracy, compliance, and maximum tax savings.

At Tiki Tax, we help individuals and businesses verify and apply all eligible carryforward amounts correctly.

What Are Carryforward Amounts?

Carryforward amounts are unused losses or tax credits from previous tax years that can be applied to reduce taxes in the current or future years.

CRA tracks many of these amounts, but errors or inconsistencies can occur if prior filings were incorrect or reassessed.

Common Carryforward Losses and Credits in Canada

Capital Losses

Can be carried forward indefinitely

Used to offset current or future capital gains

Non-Capital Losses (Business Losses)

Can generally be carried forward up to 20 years

Often arise from self-employed or business activities

Tuition & Education Credits

Unused student credits carried forward

Can reduce future personal income tax

RRSP Deduction Room

Unused RRSP contributions or deduction limits

Must be tracked accurately to avoid over-claiming

Foreign Tax Credits

Unused credits from foreign income taxes paid

Why Confirming Carryforward Amounts Is Important

✔️ Reduce current and future tax payable

✔️ Avoid CRA reassessments

✔️ Prevent loss of unused credits

✔️ Ensure consistency with CRA records

✔️ Support long-term tax planning

Incorrect carryforward amounts can result in:

Denied deductions

Adjusted tax returns

Interest and penalties

How to Confirm Your Carryforward Amounts

Review your CRA Notice of Assessment

Log in to CRA My Account

Check Schedule 3, Schedule 11, and prior-year returns

Verify against personal or business records

📌 CRA numbers may change after reassessments—always confirm.

Common Mistakes to Avoid

❌ Assuming CRA records are always correct

❌ Claiming expired or ineligible losses

❌ Forgetting older unused credits

❌ Not adjusting after a reassessment

Professional review helps prevent these issues.

How Tiki Tax Can Help

✔️ Review prior-year tax returns and CRA assessments

✔️ Confirm eligible carryforward losses and credits

✔️ Apply them correctly to reduce tax payable

✔️ Correct discrepancies with CRA

✔️ Integrate carryforwards into long-term tax strategy

We work with individuals, investors, and business owners across Canada.

Maximize Every Dollar You’ve Earned

Carryforward amounts are valuable—don’t let them go unused.

👉 Contact Tiki Tax today to confirm your losses and credits and ensure your tax return is optimized and CRA-compliant.

🌐 Website: https://www.tikitax.ca/