If you paid back the full amount within 1 year after the end of the taxation year of the lender, and the repayment was not part of a series of loans or other transactions and repayments, then the loan is not taxable. You don't need to enter it on your personal tax return.
If you need assistance with TurboTax Business Incorporated or preparing your incorporated business tax return (T2), you can visit the Intuit Profile support site.
For business returns please contact Profile at 1-800-452-9970.
Thank you
Sorry, I don't. My question relates to my personal taxes.
If you paid back the full amount within 1 year after the end of the taxation year of the lender, and the repayment was not part of a series of loans or other transactions and repayments, then the loan is not taxable. You don't need to enter it on your personal tax return.
Thank you.
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!
You will need to contact Intuit profile for information regarding Incorporate.
Thank you for choosing TurboTax.
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