Précis: Mr. Turner was a retired electrical engineer. In each of 2012 and 2013 he claimed roughly $45,000 of non-capital losses carried forward from preceding taxation years. His evidence was that the losses arose from a series of bad investment decisions made over a period stretching back as far as 1991 and going up to 2004. He had essentially no documentation to support his claim and the court did not accept his evidence that he was in the business of dealing in securities prior to 2005. Accordingly the appeal was dismissed. As this was an informal procedure appeal there was no order as to costs.
Turner v. R. - TCC: Tax Court rejects evidence of non-capital losses available for carry forwardREAD MORE »