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Is there a write-off for investing into an existing corporation?
Expert: Jim Innes
Glenna asked:
Is there a one-time personal income tax write-off for investing $100,000 into an existing Ontario Canadian Incorporated business as a minority shareholder?
Jim Innes answered:
There is no write-off for the contribution or investment into a corporation.
About the author
Jim Innes is a Partner at Innes Klayman LLP, Chartered Accountants.
He can be contacted at: 416-590-1728, Ext 314.
His bio page can be viewed here: http://www.innesklayman.ca/JInnes.htm.