Hello, I am filling my personal taxes as well as my corporation taxes. Let me give you a scenario.
I personally have 1000$ and I transfer this money as a loan to my own corporation. Then my corporation spent 500$ on business-related purchases. Now my company has 500$ and I have 0$
The loan is meant to be paid at some point but not this year.
How do claim that I lent money to my corporation on my personal income tax return?
How do I claim this loan on my business income tax? Is it technically income? Thanks