Fishing losses

When your fishing expenses are more than your fishing income in a year, you have a net loss. If your net loss from fishing is more than your income from other sources for that year, you will be able to carry back or carry forward the balance to reduce your taxes in other years. You can carry back a fishing loss up to 3 years or carry it forward up to 10 years to reduce your taxes in those years.

To carry back a fishing loss to one of the three preceding years, complete Form T1A, Request for Loss Carryback, and attach it to your current year tax return. Do not file amended returns for any of those three years.

If you wish to apply a fishing loss incurred in any of the 10 previous years to income in the current year, enter the loss on Line 252 - Non-capital losses of other years of your current income tax and benefit return. Your available losses are generally shown on your Notice of Assessment. You can also get this information from My Account.

For more information on losses that you can carry back or carry foward, see Chapter 5 of the Fishing Income guide and IT232, Losses - Their Deductibility in the Loss Year or in Other Years.

Forms and publications

• Fishing Income guide (T4004)
• Form T1A, Request for Loss Carryback
• IT232, Losses - Their Deductibility in the Loss Year or in Other Years

Related topics

• Line 252 - Non-capital losses of other years
• My Account