Sunday’s= Personal Tax
If you have borrowed money to invest in a business, (including your own) then you are entitled to a deduction on your personal income tax return. You can deduct the amount of interest that you have paid in the year. The place to put this deduction is on schedule 4 of your personal tax return.
In order to take this deduction you would have to prove that the money you borrowed was invested. Normally you do this by showing a copy of the cashed cheque or an electronic transfer to the investment account where you then made the investment (bought the shares). Amounts you have invested in your own business will show up on your balance sheet as shareholder loans.
You will also need a receipt for the interest amount you wish to claim as a deduction, which you should be able to get from the bank by contacting them.
Think about the loans you have — are any of them for the purposes of investing? If so, you could be entitled to a deduction.
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