How Pick Your Canadian Tax Software Program: Difference between revisions

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Revision as of 19:56, 7 October 2026


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That said, just because lenders will be required to send 1099s doesn't mean that you personally automatically will get hit using a huge tax bill. Why? In most cases, the borrower is really a corporate entity, and the just a personal guarantor. I am aware that some lenders only send 1099s to the borrower. The impact of the 1099 on your personal situation will vary depending on what kind of entity the borrower is (C-Corp, S-Corp, LLC, etc).

Most CPAs will have the capacity to explain how a 1099 would manifest itself. Someone making $80,000 per year is really not making an awful lot of coin.

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