Previous Tax years
I lent money to my business and it went bankrupt. The loans give me a tax loss that I understand I can apply against income for the past three years and get a refund or apply against future income in the next 10 years. I am going bankrupt. Will the trustee make me use the losses against previous years income so there would be a refund he could apply against my debts?
Posted from: Ontario
If there are any available loss carry backs the trustee will very likely make use of these as part of the bankruptcy. But you are best to discuss this directly with the trustee you are going to be working with.