Are losses from private sales transactions deductible?
Hello,
I have a question regarding the statute of limitations for losses from private sales transactions:
In 2012, I incurred losses from trading CFDs (Contracts for Difference). Since I was not aware that these losses could be declared in my tax return, I did not report them. In early 2017, when I was preparing my tax return for 2016, I heard that this type of losses can still be claimed retroactively if they do not exceed 4 years. Essentially, I wanted to include my losses from 2012 in my 2016 tax return. My tax office clerk disagrees, but is not sure if this is possible. He refers to §11 of the Income Tax Act, which states that losses can only be considered in the year they occurred. Is my tax office correct in what they are saying, or is there still a way to claim this type of losses retroactively?
Thank you in advance,
M Stelzer
