Loan writeoffs are not political donations

[BitWhys]

I'm aghast...

Elections Canada clears Tory MP

...
Loans are supposed to be repaid within 18 months or they are deemed to be contributions. However, Bachand said the law specifies that loans may be written off by the creditor, following normal accounting practices, as an uncollectable debt.
...

Care loads about Khan, he's doomed anyways and if he isn't the people who put him back in deserve what they get, but that loophole is big enough to drive an election through. The next thing I want to hear out of Ottawa is the slam of the door being closed on this by way of emergency legislation.

 

[darleneonfire]

I'm aghast...

Elections Canada clears Tory MP



Care loads about Khan, he's doomed anyways and if he isn't the people who put him back in deserve what they get, but that loophole is big enough to drive an election through. The next thing I want to hear out of Ottawa is the slam of the door being closed on this by way of emergency legislation.

Now imagine what our bank would say if I called them to explain that our mortgage and loans did not need to repaid because they are political contributions!! Can you just imagine the reaction we'd get!

 

[BitWhys]

On the bright side, Khan's dealership is stuck writing off what's gotta be a swack of cash. On the down side we get screwed out of the taxes that will involve.

 

[Niflmir]

Well, if I get a phone call from the bank and they tell me that they have designated my loan as an uncollectable debt, would I have to declare the unpaid portion of the loan as income under the Canada Revenue act? If not, that is a good loop hole for a business owner to contribute to themself politically.

 

[BitWhys]

Even without the writeoff its a great way to bypass both the limits and the restrictions on source. As a writeoff all uncollectable accounts recievable are a pound for pound offset against profits.