alex asked in Business & FinanceTaxesCanada · 10 months ago

Is it possible to include money mart payday loans on your income tax return to see if a person is able to get some money back after filing.?

7 Answers

Relevance
  • ?
    Lv 7
    10 months ago

    Include them as what? They're not income and any interest isn't deductible. They don't belong on a tax return.

  • 10 months ago

    They have nothing to do with your tax returns.

  • Judy
    Lv 7
    10 months ago

    no, that interest is not deductible.

  • Anonymous
    10 months ago

    Money loans aren't tax deductible.

  • How do you think about the answers? You can sign in to vote the answer.
  • 10 months ago

    If you still owe the money or you already paid back the money, no.

    If you didn't pay back the loan and they forgave or cancelled the debt, then you have to include that -- and you will either get back less money or you will owe money.

  • Shay
    Lv 7
    10 months ago

    A LOAN is NOT income.

    You can't include a loan as income.

    Certain kinds of interest from loans might be a tax deduction - but not a payday loan.

    Getting money back when filing is based on OVERPAYING your tax liability.  You get a refund of any amount that was OVER PAID.  

    Including money from a payday loan as income would REDUCE your possible refund - NOT increase it.  

  • Anonymous
    10 months ago

    Aloan is not income.  If the loan is used for business purposes --unlikely--the interest paid may be a business expense and deductible. 

Still have questions? Get your answers by asking now.