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Business-use-of-home-expenses available to carry forward

751 Views 5 Replies 3 Participants Last post by  ions, 
I
Hello Canadian Money Forum,

I am self employed and I noticed I have an amount in my Turbo Tax for the Business-use-of-home-expenses available to carry forward.

How can this value be used in my future Tax return(s)?

Thank you
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I
Thank you for your responses. So let's say I had $1,000 in Non-Capital Loss Available for Carry Forward and $1,000 in Business-use-of-home-expenses available to carry forward. Let's assume I will have $50,000 Net income after all business expenses in 2021. These two Carry forward items will reduce my taxable income to $48,000 in 2021?

Thank you
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I
Yes, your assumptions are correct RussT and thank you for answering my question.
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