frick i should've had a Chase card

Online now: Google [Bot]
Post Reply
Malkin kick 'em in the face; taste the body
User avatar
Wow! I've got one. Unfortunately, not from magical Canada land.
Malkin kick 'em in the face; taste the body
User avatar
Also, shows you just how much money they make, that they can afford to do that.
dv
User avatar
Canadians obviously aren't overdrawn enough.
macnuke Afar
User avatar
if they did that in the US.... the IRS would want to tax however much you had forgiven.
they do consider that income.
C. Ives Lacks Critical stick fiddling Thinking
User avatar
If I use my Chase card in Canada will it all get forgiven? :shifty:
Pariah Know Your Enemy
User avatar
macnuke posted:
if they did that in the US.... the IRS would want to tax however much you had forgiven.
they do consider that income.

Honestly I would be surprised if forgiven debt were not taxable as income in Canada too. Not doing so would open up a HUGE loophole for tax evasion.
The money owed on the card would be from income already taxed. Interest not charged would not be taxable. The card company is not the cardholder's employer providing a taxable benefit.

Also, lottery winnings up here are not taxed, which has nothing to do with anything.
Pariah Know Your Enemy
User avatar
Ribtor posted:
The money owed on the card would be from income already taxed. Interest not charged would not be taxable. The card company is not the cardholder's employer providing a taxable benefit.

Also, lottery winnings up here are not taxed, which has nothing to do with anything.

A credit card debt just just a loan. If I take out a loan for, oh, say...one million dollars and then the loan is forgiven I have made one million dollars as income, taxable income. If I have a credit card balance of $5,000 is just a loan like any other so forgiven it is income.
Except you'd get taxed when you took out the loan, not when it was forgiven.
Pariah Know Your Enemy
User avatar
Betonhaus posted:
Except you'd get taxed when you took out the loan, not when it was forgiven.

Hmmm....Not here in the USA.
Old Yoda agitator
User avatar
Betonhaus posted:
Except you'd get taxed when you took out the loan, not when it was forgiven.

So that's how you finance heath care.
Subsequent topic  /  Preceding topic
Post Reply

frick i should've had a Chase card