How to Put More Money into Your Business with a Tax Write-off

As a business owner, you may have already discovered numerous items you can write off.

But many are looking for new and creative ways to put more money into their business while not owing the CRA a ton of money in the process.

Enter remortgaging your property…

If you plan to pay off your home, you could refinance your property and use the funds for business purposes, such as leasehold improvements and other business activities.

And provided you can prove the business use, this interest can now be considered tax deductible.

Now, you must be aware of section 245 of the income tax act, which includes the GARR (government anti-avoidance rule), so tread carefully. But this could be a great avenue to look into if you need funds for legitimate business or investment purposes.