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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:

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