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Revision as of 20:41, 2 October 2026
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Please note that CRA is perfecting changing the laws to follow off shore investments. Debt forgiveness, you see, is treated as taxable income. Why? In the nutshell, particularly gives cash and do not need pay it back, it's taxable. Everybody else have to taxes on wages from a job. The main reason that debt forgiveness is taxable happens because otherwise, it create a huge loophole on tax program. In theory, your boss could "lend" serious cash every 2 weeks, possibly at the end of the season they could forgive it and none of may be taxable.
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