I lent money to two individuals. I borrowed the money on a line of credit. Can I deduct the interest I paid on the loan? They have not made any payments yet.
I lent money to two individuals. I borrowed the money on a line of credit. Can I deduct the interest I paid on the loan? They have not made any payments yet.
No. unless this was a business transaction and you can prove it, you cannot deduct the personal loan interest as expenses.
Please refer to this CRA link for the carrying charges you can deduct:
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