can loan Payments be claimed as an asset

Question

2017 viewsSeptember 11, 2019Accounting

0

Shelilia (anonymous) Posted September 10, 2019

when filing the T2 can we claim the payments made on the loan. This year payments totalled $8400.Can that be claimed on schedule 100.

1 Answer

score 0 · Answer 1 · 2019-09-11T13:56:24+00:00

Loan repayments should be recorded as a reduction of the loan balance. The loan balance as of the year-end is reported on Schedule 100, and not the individual loan repayments made.

can loan Payments be claimed as an asset

1 Answer

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