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I am an Financial Advisor for an insurance company (T4A, self-employed commission). I bought a book of business from a retiring colleague. I had to get a personal loan to do that. Is the interest I pay on that loan tax deductible, and if yes, should ...

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Last Post by MadanCA Team 9 years ago

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Anonymous

Feb 02, 2017 2:15 am

(@Anonymous)

Joined: 1 second ago

[#22]

I am not incorporated, and the commission income is reported on a T4A. I file as a self-employed taxpayer.

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Posts: 663

MadanCA Team

Feb 07, 2017 3:01 pm

(@dexter)

Joined: 3 months ago

Yes, the interest is tax deductible. Please report the interest expense on form T2125.

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Ask Allan Forum

I am an Financial Advisor for an insurance company (T4A, self-employed commission). I bought a book of business from a retiring colleague. I had to get a personal loan to do that. Is the interest I pay on that loan tax deductible, and if yes, should ...

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