Mr. Speaker, on the question of personal loans from individuals, the member brought up an important point. If the lender was to allow the person who had borrowed the money to not repay the loan, it occurs to me that might set up a situation where the lender might be able to declare that bad debt as a loss. Would there be any way that individuals could somehow use that to reduce their own income tax payable to the government? I wonder if the hon. member could possibly imagine such a scenario.
In the House of Commons on May 9th, 2007. See this statement in context.