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Hi Allan,
I have been following your youtube channel for some time now and I really enjoyed your presentation and valuable information given.
Just have quick question hope you can help: I live in Alberta and set up an Alberta incorporation in 2017. I put some money from personal account into my incorporation but then I lose them when I was doing the business. I know I can declare a loss when filing for my corp tax, but can I declare loss as well when I file for my personal tax?
What will be your suggestion so I can pay less tax.
Thank you in advance for your help,
Gus
Hi Gus, you can claim a capital loss for the unpaid balance of the shareholder loan owing to you, if the company cannot repay you. To do so, attach an election form [50(1)] with your personal tax return for the tax year during which the debt became bad.