! HELP ! Advice wanted…

Okay.. this isn’t totally relevant to PI however it is to a certain degree (plus I don’t know where else to ask this question)

I am planning to incorporate my existing business into a company type structure. I’ve already spoken with my accountant and for me (in re: the tax laws) I’m eligible to do so (from self employed structure in the Personal Services industry to a company structure same industry).

If I took out a personal loan (example: $5000) under my name which was going to be used for business expenses only (up to $3000 to incorporate with the remainder being deposited into that new company’s bank account to coever expenses associated with the company earning an income as such)…. I’m naturally assuming that the whole Personal Loan would be tax deductible ?

Or is only the interest tax deductible?

What type of loan would work in this situation?

After this tax year, I’ll have two years worth of tax returns as a self employed individual. My credit isn’t perfect tho’ (I have one minor blip on my credit report – $300 overdue telephone bill from when I first moved out of home.. that was over 4-5 yrs ago now)…. any suggestions as to finance ?

I can also afford to pay up to $500 per month “off” this loan … any suggestions ?

Any comments ?

Wishing everyone radiant health!
Vanessa

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