- In 2021, William Barker, 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 2020, William had unused net capital losses of $16,000 and unused non-capital losses of $37,000. William does not want to pay any federal tax in 2021. For 2021, William is entitled to a deduction for CPP enhanced contributions of $68.
Assuming William’s wishes are met, what is the maximum amount of net capital & non-capital losses remaining for carry-forward after 2021, assuming that taxable income is reduced to zero?