Hello,
I hope you can answer how/where a sharehodelrs loan balanece should be reported on T1 if not repaid within the 1 year-period. My understanig is the the unpaid balance should be included in the income for the year when the loan was advanced. However, on which schedule should it be reported?
In addition, when/if the loan is repaid in full to the corporation by the shareholder in subseqent year - how is this reported to take a deduction in personla income for that year?
Thank you in advance!
