Allowable Business Investment Loss (ABIL) tax refund process

Where to start?

First you need to contact us for a free evaluation of your Allowable Business Loss (ABIL) claim. A telephone interview will be conducted to discuss your potential claim. After we get an understanding of your claim, you will be provided with your options, estimated refund and our fee quote.

How much it will cost?

Our services are priced based on the complexity of your ABIL claim, the amount involved and estimated time to be spent on your engagement. A fee quote is provided to you in advance. We will not charge anything to you until our services are agreed upon.

Do you offer discounts for multiple claims?

Sometimes an entire group of investors may be involved with the same Allowable Business Loss (ABIL) claim (i.e. they invested money in the same insolvent business). Depending on the number of claims involved, our fees charged to each investor can be significantly discounted.

Will CRA audit my claim?

Virtually all Allowable Business Loss (ABIL) claims are audited by Canada Revenue Agency (CRA). In order to claim a tax deduction for an Allowable Business Loss (ABIL), supporting documents must be available. Keep all your records, minutes of discussions, cancelled cheques, accounting and financial records or anything else that could support your Allowable Business Loss (ABIL) claim.

The Allowable Business Loss (ABIL) audit is not a full audit of your personal tax return. Usually Canada Revenue Agency (CRA) will verify only the eligibility criteria for such a claim, however they may decide to audit other areas as well.

How long does it take until I receive my refund?

You can expect to wait at least a couple of months before a refund is issued to you.

What if my Allowable Business Loss (ABIL) is denied by Canada Revenue Agency (CRA)?

In this unfortunate situation we will discuss your options and whether you want to appeal CRA's decision. Depending on the complexity of your claim we may refer you to a tax lawyer.

Google+ Dorin Mihalache

Find us on Google+

View Dorin Bogdan Mihalache's profile on LinkedIn

Follow TaxClinic_ca on Twitter


Allowable Business Investment Loss (ABIL) Claims
308, 1228 Kensington Rd. NW Calgary, AB T2N 3P7

Toll free: 1-855_-TAX-ABIL
Tel: 403-351-0996
Fax: 1-877_-726-7759
» View map...
Contact form

Terms and Conditions