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Q: If Company JKL deposits part of a bank loan into fixed deposit, is there any issue to take note?

A: Yes, fixed deposit is an investment which makes part of the bank loan being used for non-business purpose, thus there will be an interest restriction. Part of the loan interest incurred is not tax-deductible against business income but is deductible against the interest income.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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