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Jan 10, 2024 8:12 pm
CEBA loan $20,000 forgiveness amount is taxable 2020 when the loan was received loan or 2023 when it paid back ($40,000) ?
I may need help in my tax preparation as well for the year 2023. How much do you charge for T2 and GST return for the small business account?
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Jan 15, 2024 8:54 pm
Hi Jignesh,
The forgivable portion of the loan is taxable in the year that the loan is received. A tax deduction of the forgivable portion is allowed in the year that the loan is repaid. The fee to prepare a corporate tax return is $1,650.