Loan Guarantee Fee Income
In circumstances where the fee relates solely to the provision of the guarantee in the relevant year it generally may be fully deducted by canco in the year of payment pursuant to paragraph 20 1 e 1 of the income tax act the act.
Loan guarantee fee income. You deduct these fees over a period of five years regardless of the term of your loan. Therefore it may be possible to treat the amount paid by the guarantor as a deductible capital loss or business investment loss. Commentators in the financial services industry have also made suggestions about an appropriate value for the guarantee fee.
Guarantee fees are set on the creditworthiness and size of the underlying mortgage pool. If the guarantee has been given for adequate consideration that is a guarantee fee is charged it will generally be considered to have been given for the purpose of gaining or producing income. Loan brokerage and finder s fees.
6another is between 1 1 5 7. This assumes that the amount of the fee is reasonable and that the related debt was either a loan or other debt payable that was incurred by canco to earn income. The fee could be adjusted for the risk that the corporation is assuming.
Legal fees related to financing.
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