In 2023 I personally invested over $100,000 in my business. Am I entitled to an income tax deduction?

[PATMAC]

Hi there!

I invested all the proceeds from the 2022 sale of my home in my business in 2023. I did not make money. Am I only entitled to a refund on the total amount of taxes I paid on my 2023 T4E ?

Box value
7 Repayment rate 30%
14 Total benefits paid 14,768.00
15 Regular and other benefits paid 14,768.00
17 Employment benefits & support measures paid
20 Taxable tuition assistance
21 Non-taxable tuition assistance
22 Income tax deducted 834.00
23 Quebec income tax deducted 942.00
 

Or more? 

Lines 21699 and 21700 – Business investment loss
If you had a business investment loss in 2023, you may be able to deduct half of the loss from income. The amount of
the loss you can deduct from your income is called your allowable business investment loss (ABIL).

 

Thanks!

[Geo123]

Hello PATMAC,

Line 25200 – Non-capital losses of other years
Generally, a non-capital loss for a particular year includes any loss incurred from employment, property or a business. If your allowable business investment loss (ABIL) realized in the particular year is more than your other sources of income for the year, include the difference as part of your non-capital loss.
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-25200-non-capital-losses-other-years.html