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Buckwold and Kitunen, Canadian Income Taxation, 2010-2011 Ed. CHAPTER 10 INDIVIDUALS: DETERMINATION OF TAXABLE INCOME AND TAXES PAYABLE Review Questions 1. Briefly explain the difference, for individuals, between net income for tax purposes and taxable income. 2. Explain the difference between an allowable capital loss and a net capital loss. 3. Describe the tax treatment of net capital losses. 4. Explain how a non-capital loss is created and how it is treated for tax purposes. 5. Is it always worthwhile to utilize a net capital loss or a non-capital loss as soon as the opportunity arises? Explain. 6. Is it possible for taxpayers to pay tax on more income than they actually earned over a period of†¦show more content†¦Net capital losses, therefore, may consist of the unused allowable capital losses of a number of years, and may be available for deduction in other years in arriving at the taxable income of those other years (see 3 below) [ITA 111(1)(b)]. R10-3. Net capital losses can be carried back three years and forward indefinitely from the year in which they were incurred. During the carry-over period, the net capital losses can be deducted in arriving at taxable income only to the extent that the taxpayer has realized net taxable capital gains (gains minus losses) for that year [ITA 111(1)(b), 111(1.1)].There is an exception to this rule for the year of death and the preceding year. In those two years, an individual may deduct net capital losses against all sources of income [ITA 111(2)]. R10-4. If, in a particular year, the aggregating formula for determining a taxpayers net income for tax purposes does not permit the full deduction of employment losses, business losses, property losses, and allowable business investment losses because there is insufficient income in that year, the unused portion is classified as a non- capital loss. 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