TaxWatch Canada Provides Taxpayers Missing Refunds from Overlooked Allowable Business Investment Losses
Established to encourage investment in small Canadian businesses, ABILS i.e. losses from the deemed disposition of shares or debt, can be claimed for an investment loss as far back as ten years. The resulting tax refund can be carried back three years (or forward ten years) to offset all other personal or business income sources. An ABIL is 50% of the investment loss. Deemed disposition can be awkward since it is unlikely you will be able to sell any shares that are now worthless. Therefore, provisions exist that will treat those shares or debt as if they have been disposed of. It should be kept in mind that the company loaned money to or invested in must be bankrupt or be defined as insolvent.
“Many taxpayers in Canada fail to realize that lost investments or loans to a private Canadian Corporation can be claimed as a tax refund on any type of taxable income of the investor.” said TaxWatch Canada’s Operations Manager Doug Lagasse in a recent interview. “In other words, it is not the failed business that claims the loss, but the investor.”
Since 80% of businesses fail within two years and the current economy is especially challenging, there are undoubtedly many people who lost money investing in Canadian controlled private corporations, including their own. Canada Revenue Agency estimates that only approximately $50 million in ABIL claims will be paid out in 2010. This figure is obviously much lower than was privately invested or loaned to failed corporations in Canada during preceding years.
TaxWatch Canada is helping tax payers realize that tax retrieval is very worthwhile, as there can be a 150% difference. Each tax dollar retrieved or refunded is the same as having to earn at least 150% of any tax refund produced. For example - to end up with $100 after tax, you must earn $150 and then usually pay at least 33% tax.
Many loss claims are submitted to CRA without proper representation and fail due to a lack of tax law knowledge and insight into the importance of proper procedures required by the CRA.
About TaxWatch Canada
TaxWatch Canada is a specialized firm who is dedicated to helping people with unique circumstances as it pertains to taxes.
For a free guide about successful allowable business investment losses, visit their website, www.taxwatchcanada.com/guides.htm. Or, for more information on ABILs and other specialized tax services contact TaxWatch Canada at
#395-3665 Kingsway Ave.
Phone: (604) 569-0910
Toll Free: 1-877-800-9343
Fax: (604) 569-0620
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