Navigating through Canada’s tax regulations can be daunting, especially when it comes to borrowed money. Some common questions that arise are whether you can deduct the interest you pay on a personal loan or a line of credit from your income to reduce your tax payable, and do you need to pay tax on the money you borrow.

A business loan can affect your personal credit. Therefore it’s crucial to understand how your business’s financial activities are linked to your personal credit health when assessing the impact of a business loan on your personal credit. Whether a business loan affects your personal credit score or not can depend on various factors, such as the structure of your business and how the loan is guaranteed.

A personal loan can affect your credit score in several ways – good and bad. Taking out a personal loan isn’t necessarily bad for your credit score. However, it may affect your overall credit score in the short term and make it more difficult to obtain additional credit before the new loan is paid back.

Have you ever wondered how some individuals manage to accumulate wealth without attracting attention? These individuals are often referred to as “the quietly wealthy,” and their secret lies in the concept of quiet wealth.

With proper tax planning you can grow your wealth faster and use it in the way that you want, including taking care of your family in the long-term and even building a legacy of philanthropic goals.

Tax planning can be especially complex for High Net Worth (HNW) individuals as the tax landscape is multi-faceted, with tax laws and regulations constantly changing.