[Verse 1]
Sarah's consulting firm needed cash to grow
Took a business loan to fund the show
Every month she pays that interest fee
But here's the key, it's deductible you see
The CRA says if it's business use
Interest payments you can claim and use
Keep those statements filed away with care
Proof of purpose must be crystal clear
[Chorus]
Interest deductions, make them count
Business loans, the full amount
Line of credit, business bought
Credit cards, if business taught
I-N-T-E-R-E-S-T
Business purpose is the key
Keep receipts and records tight
Interest deductions done right
[Verse 2]
Michael's got a line of credit ready
For those times when cash flow isn't steady
Bought supplies and paid his office rent
Every dollar for business purposes spent
The interest charged throughout the year
Can be claimed when tax time draws near
But personal use will muddy the water
Keep business separate, like you oughta
[Chorus]
Interest deductions, make them count
Business loans, the full amount
Line of credit, business bought
Credit cards, if business taught
I-N-T-E-R-E-S-T
Business purpose is the key
Keep receipts and records tight
Interest deductions done right
[Bridge]
Equipment financing, here's the rule
Interest portion is your tax-saving tool
Principal payments, they don't qualify
But interest charges reach up to the sky
Credit card interest on business buys
Makes your taxable income shrink in size
Document everything, keep records straight
Business deductions are worth the wait
[Verse 3]
From computers to cars and software too
If you financed it for what you do
The interest portion of each payment made
Can reduce the taxes that you've paid
But remember this important fact
Personal use must be subtracted
Business percentage is what you claim
Play by the rules, stay in the game
[Chorus]
Interest deductions, make them count
Business loans, the full amount
Line of credit, business bought
Credit cards, if business taught
I-N-T-E-R-E-S-T
Business purpose is the key
Keep receipts and records tight
Interest deductions done right
[Outro]
Canadian consultants, take this advice
Interest deductions are worth the price
Of keeping records clean and true
These tax savings belong to you