How to carry 2023 investment expense to next year?

Forum|Forum|1 year ago
April 22, 2024
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investment funds bought in 2022, then in 2023 the borrowing interest paid $30K, but no investment income. How to entry and carry over the paid expense to later years? Or simply do NOT enter them until next near? thanks

TurboTaxSusan

If you enter investment expenses and they exceed your investment income, then this amount will carry forward. However, if in your case, you don't have any investment income, I would recommend consulting with the CRA to determine if you can still call the investment expenses.

If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. If you are elsewhere, you can call 613-940-8495. This page has more ways to contact the CRA: Contact the Canada Revenue Agency

wangd99Author

The problem is that after entering investment expense which is way over income, the exceeding amount did not go to carry forward, instead to generate huge amount of non-refundable credit. How to fix that?

wangd99Author

I truly need solution from your expert please: Simply to say, there is only small amount of investment income (about $1500 as no disposition of larger funds in 2023), but big amount of expense about $30K. While turbotax didn't startup carry forward automatically, how to manually fix it with going to the related page? thanks