Question

My small business was incorporated, but myself and business partner switched being incorporated to a partnership. Can we claim the carry over loss in the partnership?

Forum|Forum|4 years ago
February 14, 2022
1 reply
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The same two business partners in the corporation own the partnership. Same business, same business name, same business partners. We only went from being incorporated to a partnership.

TurboTaxSusan

It may be possible to do so as an allowable business investment loss (ABIL). You can contact the CRA and ask if it is possible to do so in your situation. 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