Welcome to Forum Vancouver, an online discussion community for Metro Vancouver Hide
We have message boards for you to chat about shopping, community events, places to eat, things to do and much more!
Consider helping our forum grow by sharing your knowledge about living in the Greater Vancouver area.

is free and only takes a few moments to complete.

Finances & Real Estate Little known individual tax claim for monies lost investing or loaning to a Canadian Corp

Discussion in 'General Discussion' started by Linda40, Jan 12, 2011.

  1. Linda40

    Linda40 New Member

    As a small business owner, who struggled to make ends meet last year (business lost money; thanks to self!), I was ecstatic that I could recoup some of the money I invested into my corporation on my personal salary from the company. I thought I would pass on the information as I had never heard of this claim, and thought someone else may benefit from it too!

    Its called the ABIL Tax claim. It stands for: Allowable Business Investment Loss. It is available to anyone that lost money investing in a private Canadian corporation (CCPC). I’m not a tax expert so I won’t go on about it, but here are some links that may be useful.

    I found a video & guide here:

    http://taxwatchcanada.com/services-abil-allowable-business-investment-loss.html

    Article:
    http://www.theglobeandmail.com/glob...your-abil-ity-to-claim-losses/article1505384/

    Blog:

    http://blog.taxresource.ca/allowable-business-investment-loss-abil/

    There is also some information on the CRA site:
    http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/217-228/menu-eng.html

    Hope that helps!
     
    cheeseshredder likes this.

Share This Page