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Little known individual tax credit available for monies lost investing or loaning to a Canadian Corp:
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. 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/globe-investor/personal-finance/tax-matters/use-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!
Thanks, Linda!
NOTE to anyone reading the above: please note that you can only claim an ABIL if the company you’ve invested in, or lent money to, is either bankrupt or insolvent – so not just if you’ve lost money.