Personal Finance

Canada Emergency Business Account

  • Last Updated:
  • Apr 9th, 2020 12:06 pm
[OP]
Sr. Member
Jul 2, 2013
583 posts
148 upvotes
Aurora

Canada Emergency Business Account

Im operate a registered sole proprietor business with no employees and I have an RBC business account, not a checking account. I think I qualify for this 40k LOC. I made over 50k last year, just waiting on my bookeeper for my 2019 taxes. I have a Line of credit with TD at variable 7% or so rate and I used this TD LOC to purchased my company work.
I declare 95% of usage from the work vehicle on my taxes. If I qualify for the Canada Emergency Business Account, can I use it to pay down my TD LOC? This would save a ton of interest and I feel its using the Canada Emergency Business Account for a business expense.
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