Unused non capital losses generated in a tax year can be carried back ________ and carried forward ________.

Question 13 options:

	three years; indefinitely
	five years; five years
	three years; twenty years
	five years; indefinitely

Which of the following statements BEST describes an important tax planning opportunity with regard to loss carry overs?

Question 14 options:

	Loss carry overs should not be used to reduce Taxable Income to zero as this prevents the application of personal tax credits.
	Loss carry overs should be used to reduce Taxable Income to zero so that personal tax credits can be applied to trigger a refund of taxes in the year.
	As noncapital loss carry overs have an unlimited carry forward period, only net capital loss carry overs should be used to reduce Taxable Income to zero.
	As personal tax credits have an unlimited carry forward period, loss carryovers should be used to reduce Taxable Income to nil.

Unused net capital losses generated in a tax year can be carried back ________ and carried forward ________.

Question 15 options:

	five years, five years
	three years, indefinitely
	five years, indefinitely
	three years, ten years