Yes. To the extent it grants a loan for business purposes such as opening a bank account or paying for business or business related materials, it has to provide a formal “grant of approval,” which usually includes a written contract outlining the terms of loan.
What forms are there to file the application? You can use the CRA’s electronic application system (e-APRS) to file your annual taxation return and to submit documents online. You can also print and submit a short online questionnaire form to your provincial or territorial tax department.
How do I apply for a loan? You can apply directly online. The CRA will require that you send us a certified copy of the Form T6100, Application for a Loan – Provincial or Territorial and/or Private, to prove the loan is for one or more of the following applications: business-related business activities in Canada (excluding income or profits)
non-business related business activities in Canada
non-business related personal loans You can only pay by cheque or pay by electronic fund transfer (EFT). The CRA will not accept cash or cheque advances from Canadians (like credit cards or debit cards), nor will it send any cheques to Canadians for these applications. For more information on applications accepted in lieu of cash, see Non-cash applications.
If the CRA grants me an income tax or capital gains exemption (IHE) I have to pay. If I have the IHE, the amount I receive will be reduced by the amount due or taxes due. You cannot receive a repayment of a loan if you have IHE for a tax year (except in specific situations related to certain personal loans). However, the CRA’s decision is final.
I received income from a non-business or personal loan and then applied for a loan or made a donation to a charity that gave me a non-business or personal loan. Do I have to repay or pay tax on the loan? If you received income from a non-business or personal loan that was exempt from federal income taxes or capital gains, you have to repay or pay tax on that loan on the tax year that the loan was issued. This repayment or payment will reduce the interest you have to pay on that loan over the life of the loan. The tax deferral on this loan will be carried forward. If not, you must pay the amount owing on a subsequent tax year. This is an exception to the general rule that you cannot defer tax on your business-
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