Swirsky has not affected the CRA policy on interest deductibility

Notwithstanding, Swirsky CRA considers that there generally will be no interest deductibility on loans incurred to acquire common shares only where there is a "permanent" corporate policy of not paying dividends.

Neal Armstrong. Summary of 10 October 2014 APFF Roundtable, Q. 1, 2014-0534811C6 F under s. 20(1)(c).