Précis: This case involved loss carryforwards denied by CRA. The taxpayer had claimed loss carry forwards of $29,520 in 2010 and $5,520 in 2011. A CRA audit allowed $6,120 loss carry forwards from 2009 into 2010 and denied the balance of the losses claimed. The taxpayer appealed to the Tax Court. In the Tax Court the Minister defended the assessments under appeal on the basis that the losses all arose from a home the taxpayer had built for his family. The Minister argued that no losses should have been allowed at all at the audit level. Although the taxpayer never occupied the property in question the Court concluded that it had been both acquired and held as the taxpayer’s personal property.
Soheili v. R. – TCC: Taxpayer denied losses on sale of personal homeREAD MORE »