In 20X1, Gary Kwok, who is single, earned the following income and incurred the following losses: employment income, $16,000; business loss, $4,000; taxable capital gains, $7,000; property income (interest), $18,000; allowable capital loss from the sale of shares of public corporations, $9,000; allowable capital loss from the sale of shares of a Canadian-controlled private corporation that qualifies as a small business corporation, $2,000.
At the end of 20X0, Kwok had unused net capital losses of $16,000 and unused non-capital losses of $37,000. Kwok does not want to pay any federal tax in 20X1. For 20X1, Kwok is entitled to the basic personal tax credit, the Canada employment credit and a CPP & EI credit amount of $920.
Required:
Assuming Kwok’s wishes are met, what is the maximum amount of non-capital losses remaining for carry-forward after 20X1?