Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
XXXXXXXXXX
Attention: XXXXXXXXXX
Dear Sirs:
RE: Amendment to a Non-Capital Loss
This is in reply to your letter of May 14, 1993 wherein you requested confirmation of your interpretation of paragraph 111(8)(b) of the Income Tax Act ("Act").
Where a taxpayer sustained a non-capital loss in a taxation year and the Department has not issued a notice of determination in respect of the loss pursuant to subsection 152(1.1) of the Act, that non-capital loss can be increased by an additional deduction inadvertently omitted by the taxpayer in any of the taxation years referred to in paragraph 111(1)(a) of the Act (year of the loss application). The time limitation imposed by subsection 152(4) of the Act is applicable where a revision of the non-capital loss results in a change in the tax payable for the year in which the loss was sustained.
As far as the manner in which a change to a loss carryforward should be disclosed, please contact your local district office should you wish information in this regard.
The foregoing opinions are not rulings and, in accordance with the guidelines set out in Information Circular 70-6R2 dated September 28, 1990, are not binding on the Department.
We trust our comments will be of assistance to you.
Yours truly,
for DirectorFinancial Industries DivisionRulings Directorate
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© Her Majesty the Queen in Right of Canada, 1993
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© Sa Majesté la Reine du Chef du Canada, 1993
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