Shareholder Loans

Read more about the article Borrowing From Your Corporation
Business / Corporations

Borrowing From Your Corporation

If you have a business corporation, your income will normally consist of salary or dividends. However, given the right circumstances, your corporation may be able to lend you money tax-free. There are some things that you need to be aware of. First, if the company extends you a low or no-interest loan, there will be a taxable benefit added to…

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May 30, 2012
Read more about the article Shareholder Loans and Your Private Corporation
Business / Corporations

Shareholder Loans and Your Private Corporation

If you own your private corporation and borrow money you should consider the income tax consequences. The Income Tax Act contains a series of rules that may have income tax consequences for the person receiving the loan from the company. In the context of this article, the term loan means any form of debt the shareholder or family member has to…

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February 11, 2012