Hello all,
I've got an odd scenario, and would greatly welcome feedback, or direction to whom I may speak with for help (paid professional or otherwise).
I'll keep this as brief as I can:
1. From 2012 - 2016 I worked as a self-employed contractor in professional services, and didn't properly hold back income tax. This has resulted in currently owing CRA over $20k in taxes. I have a payment plan set up with them.
2. 2017 I now have a job with a company that withholds tax (phewf), and don't expect to owe more when I file 2017 (and am monitoring it to confirm)
3. In 2013 I incorporated in Alberta for a small business. I didn't need to, but I did. I put an excessive amount of my own money into it, and while I had revenue, my expenses far exceeded my income, so I have a large loss for 2013/14/15/16.
My main question is, am I able to leverage the tens of thousands of dollars dumped into the corporation (shareholder loan?) against my personal income tax owed to CRA? This is a sunk cost that I will not recover from the corporation.
I've made a lot of mistakes, wasted a lot of money, and am now finally getting my life back on track. It's painful but I've learned a lot along the way.
Thank you for any insight.
Greg
I've got an odd scenario, and would greatly welcome feedback, or direction to whom I may speak with for help (paid professional or otherwise).
I'll keep this as brief as I can:
1. From 2012 - 2016 I worked as a self-employed contractor in professional services, and didn't properly hold back income tax. This has resulted in currently owing CRA over $20k in taxes. I have a payment plan set up with them.
2. 2017 I now have a job with a company that withholds tax (phewf), and don't expect to owe more when I file 2017 (and am monitoring it to confirm)
3. In 2013 I incorporated in Alberta for a small business. I didn't need to, but I did. I put an excessive amount of my own money into it, and while I had revenue, my expenses far exceeded my income, so I have a large loss for 2013/14/15/16.
My main question is, am I able to leverage the tens of thousands of dollars dumped into the corporation (shareholder loan?) against my personal income tax owed to CRA? This is a sunk cost that I will not recover from the corporation.
I've made a lot of mistakes, wasted a lot of money, and am now finally getting my life back on track. It's painful but I've learned a lot along the way.
Thank you for any insight.
Greg