QUESTION:
For the last 8 years I have been gambling at the casinos and incured some
heavy losses. I borrowed the funds from my own company. Last year I sold the
shares of the company and according to the sale agreement, the company is
liable for all debts of the corporation. I have been told that CCRA can tax
the advances to me personally under section 15 of the act. Is this
correct?.The shareholders account is approximatetly $1,200,000. since
2002.Do you have any idea how I can get out of this mess.
----------------------------------------
david ingram replies:
Gambling losses are not deductible in Canada and Shareholder's loans are
taxable in Canada if not repaid within 6 months of the year end of a
company.
I do not know of any way out of the mess other than to repay the
shareholder's loans or pay the tax to the CRA. You are not alone, I have
another client in Vancouver who has done the same thing.
A similar case involved Brian Molony who embezzled over $10,000,000 from the
CIBC in Toronto.
http://www.amazon.com/exec/obidos/tg/detail/-/0771075324/103-7581247-6054248
?v=glance
When he was released from prison, the CRA taxed him on the money he had
embezzled and lost.
If you lost the money in the USA, you would have won some in between.
Unless you were playing poker and / or blackjack or another card game, some
US withholding tax would have been deducted. If that is the case, we should
be able to get back all of the tax deducted as we are doing for the
Vancouver man (over $200,000 US).
Answers to this and other similar questions can be obtained free on Air
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee Wealth
Management and I, David Ingram host a LIVE talk show called "ITS YOUR
MONEY"
Those outside of the Lower Mainland will be able to listen on the internet
at
www.600AM.com <http://www.600am.com/>
Local calls are taken at (604) 280-0600 and Long Distance calls (BC only)
are taken at 1( 866) 778-0600
Callers to the show are invited to attend free seminars on financial
planning with such specialities as deductible mortgage interest. They are
held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604) 731-8900
for more information.
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