Outstanding Debt, Income Tax and Debt Consolidation

February 21st, 2014 by Questions

To avoid bankruptcy, I have chosen a debt consolidation loan from the bank to pay all outstanding taxes owed from my previous self employed status. I have since closed the business and I am now a full time employee for another company. Can any of this debt or loss be deducted on my upcoming personal income tax?

Posted from: Quebec


One Response to “Outstanding Debt, Income Tax and Debt Consolidation”

, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:

Whether this constitutes a tax deductible expense depends on the details of the transactions and you are best advised to contact a tax consultant.

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