I use my personal line of credit to provide additional working capital to my own incorporated business. Can I deduct the interest paid on the line of credit?

[roy-scor-pal]

I loan my own incorporated company money using my personal line of credit, can I deduct the interest paid?

[AnirudhS]

Based on the information provided by the Canada Revenue Agency, you may be able to deduct interest paid on a personal line of credit if it's used to provide working capital for your incorporated business. However, proper documentation is required to show that the funds were used for business purposes.

For a more detailed explanation and to ensure you are complying with all tax regulations, I recommend reviewing the CRA guidelines directly via this link: CRA - Line 8710 - Interest.

It's also advisable to consult with a tax professional to ensure you understand all the implications and are maximizing your deductions properly.