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If you have non capital losses from the current year or from prior years, it is important that you use them before they expire. The loss carry-forward period for non-capital losses incurred before March 23, 2004 can be carried forward up to 7 years. Non-capital losses arising in tax years ending after March 22, 2004, and before 2006 has been extended to 10 years. Non-capital losses incurred after 2005 can be carried forward up to 20 years.

If you have capital losses from the current year or from prior years, keep in mind that new losses may be carried back to prior years, or forward into future years when your income may be higher, but may only be applied against capital gains. Net capital losses can be carried back 3 years or carried forward indefinitely, but can only be applied against taxable capital gains.

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