QUESTION:
Question: If you were a former Director of a company that is now out of
business and the Tax Dept. subsequently determines that there is payroll
taxes owing and they hold you responsible as a former Director and you pay
those outstanding taxes...is that payment deductable in any way from your
personal taxes since the company is out of business there is no hope of
recovering those funds?
-------------------------------------------
david ingram replies:
You have an allowable Business Investment Loss - see lines 228 and 217 on
page 3 of the T1 general. You can deduct 50% of the amount you paid. The
bill from the CRA should be sufficient evidence of the "loan" you made to
the company.
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