Effect of a carryback on interest

You cannot use a carryback to reduce instalment interest.

We will not adjust instalment interest we previously charged if the amount of the current year credit (for example, dividend refund or capital gains refund) is adjusted because of the carryback.

We will calculate arrears interest, refund interest, or both, for the carryback from 30 days after the later of the following dates:

  • the first day following the tax year in which the carryback originates
  • the date the tax return on which the carryback originates is filed
  • the date a prescribed form, such as Schedule 4, or an amended return is filed
  • the date a request is made in writing to reassess a year to take into account a loss from another tax year
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