WSIB filing and payments have been extended until August 31st, 2020. There is no need to apply as all businesses already covered are automatically eligible. For daily tips, including how to access government grants, we’d love if you joined the Books In Line Community Facebook page.
Hopefully you haven’t, but maybe you’ve had a loss on one of your allowable business investments. An allowable business investment is any investment in a private Canadian corporation that is
a “small business” corporation that:
a) carries out 90% of its business on Canadian soil, and;
b) existed 12 months before the disposition of the investment
While capital losses can only be used to reduce capital gains, you can use 50% of an “allowable business investment loss” to reduce all other types of income.
Do note that the disposition cannot be with a person you are in an arm’s length relationship with, ie, a family member.
Have questions? Give us a call at 905-571-2665.