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Old 08-02-2006, 03:42 AM
noblebaron noblebaron is offline
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Canadian Income Tax - How is a loan perceived by the CCRA?

Hi all,

Let's say an overseas company (in reality, my uncle's corporation in Panama) lends me $25,000 CAD at 12% interest in the form of a personal loan.

Let's say I receive this money in September, 2006. How would I declare this to Revenue Canada? Is this considered taxable personal income? Is there a good tax strategy to deal with this?

Thanks in advance,

NobleBaron
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