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HKL Tax Law

HKL Tax Law

Montreal Tax Lawyer

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Capital vs. Income

Lending Activity Did Not Possess the Positive Indicia of a “Business”

EL · January 5, 2022 ·

The appellant was a businessman who made his fortune in the oil and gas industry. In order to fructify his capital, he decided to lend money to third parties. When two companies to which he lent money went bankrupt, he claimed business losses in relation to the loans he made to these two companies.

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