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Are you an unincorporated self-employed worker? Are you an unincorporated rental-property owner? Are you in a general partnership? Do you have significant personal debt or expenses or a large outstanding tax bill? National Bank can help you optimize your finances so that you benefit from substantial tax savings!
Then National Bank can help you optimally manage your finances and benefit from substantial tax savings!
Your financial partner has developed easy-to-use financing solutions1 specifically suited to tax strategies like “cash damming.”2
Cash damming is a tax strategy that lets you take advantage of interest-deductibility rules by gradually converting personal debt (the interest on personal debt is not deductible) into business debt (the interest on business debt is fully deductible).
How it Works
Without cash damming you have to pay your current expenses and personal debts from your net business income. The interest payable on your personal debts is, of course, not tax deductible.
Interested in Cash Damming?
In light of the growing number of tax rules governing interest deductibility, you must have your accountant or tax specialist validate the appropriateness and advantages of using this technique in your specific situation.
Your accountant or tax specialist can determine:
Your National Bank advisor will propose:
To know more about cash damming, don’t hesitate to contact your advisor.
1 Subject to credit approval by National Bank.