Is there personal tax deductions on director at call loans

[#1]

Hi,

If I were the director of a new Company A and loaned $5,000 to my company, thereby making it a at call loan since I'm connected to the company.

Could I claim this as a deduction on my personal income and reduce my taxable income by $5,000?

This sounds true since the loaned amount will be taxed when Company A pays me back, but I'm not sure.

[#2 · Accepted solution]

No, a loan is not tax deductible.

When you are repaid the loan, it is not taxable.