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LOSS FROM AN OFFICE OR EMPLOYMENT


In certain situations, individuals may experience a loss from employment when their allowable deductions exceed their employment income. These losses can occur due to work-related expenses or other qualifying deductions.

Key Points

  • Losses can be carried forward to reduce taxable income in future years.
  • Only specific deductions, as permitted under the Income Tax Act, are eligible.
  • Losses must be clearly documented and reported on the appropriate lines of your tax return.

Consult a tax professional or review the CRA guidelines to ensure compliance when reporting employment losses.