Interest Deductibility On A Personal Loan Used For Business

Running a business is not easy. Sometimes, you might need to use a personal loan to pay for business needs. The big question is: can you deduct the interest on that personal loan? 

Let’s break this down in a simple way for Canadian business owners. Interest deductibility on a personal loan used for business can make a big difference in saving money on taxes.

In this post, we will explain everything about deducting interest on personal loans used for business. We will show you the rules, the common mistakes, and how you can trace funds correctly.

Let’s dive into the full post!

In this in-depth blog post we cover:

• What is Interest Deductibility?

• General CRA Rules for Interest Deductibility

• Can You Deduct Interest on a Personal Loan Used for Business?

• Challenges with Mixed-Use Loans

• How to Trace and Prove Business Use of Loan Funds

• …and more!

So let’s dive in and click on the link above to read the full blog post on our website.

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