Have you protected your business? You qualify for a tax deduction if you have General Business Liability Insurance, Business Property Insurance, or Business Interruption Insurance. You cannot, however, claim life insurance unless you’ve used it as collateral for a business loan.
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Be aware of “superficial” loss, which happens when you dispose of capital property at a loss but then purchase it back less than 30 days later. This includes any property that creates any capital gain or loss such as an investment. The end result is not being able to claim the loss as a capital loss on your income tax.
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Did you know?
If you or your child was a student in 2019, you can claim the amount of interest paid by December 31st on their student loans as long as they were received under the Canada Student Loans Act, the Canada Student Financial Assistance Act, or the Apprentice Loans Act. While only the student can claim this credit, the interest can be paid by anybody on their behalf.
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