Final Exam Review - Chp 11 notes

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Management and Organizational Studies
Management and Organizational Studies 3362A/B
Ann Bigelow

NIFTP less in the following order o Employee Stock Options o Deductions for Payments ie social assistance workers compensation o Home relocation loan o Lumpsum payments o Losses deductible from other years except LPP losses o LCGD All other losses Types of Losses Carry Forward Period Restrictions NonCapital Loss from employment 20 years None business property NetCapital Loss when ACLTCG indefinite May only be used against TCG In year of death use to reduce all income ABIL 10 years as nonCL No restrictions when it is a nonCL but once a netCL Then becomes a netCL relevant restrictions Regular Farm Loss nonCL 20 years None Restricted Farm Loss20 years Can only be applied against farm income regularrestricted LPP losses 7 years Can only be applied against LPP gainsLosses on personal use property are never deductible LPP include printetchingdrawingpaintingsculpture jewellery rare folio stamp or coins o Calculated on the assumption that both the proceeds of disposition and ACB are at least 1000 o Losses are deducted from the LPP gains calculation in order to get to NIFTPA net CL carry over from other years can be deducted to the extent that you have net TCG in the carry over year o Required adjustments multiply the net CL that is being claimed by the current inclusion rate ofand divide it by the inclusion rate in the year in which the loss was realizedIf tp has a net CL carry over TCG in the current year but nonCL that is large enough to reduce NIFTP to 0can convert net CL to non CLNet CL at deathcan be applied against any income in the year of death or immediately preceding year o The carryover is applied at the capital gainloss inclusion rate that prevailed in the YEAR IN WHICH IT WAS REALIZED o If there are TCG in the year of death net CL must be first used at the current years inclusion rate to reduce gains to 0 after that it is applied to all other types of income at the rate in the year in which the net CL was realizedABIL of a capital los
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