Dean Blachford, Tax Litigation Lawyer Karen Cheung, Law Student A shareholder who receives a benefit from his or her corporation is required to report the value of the benefit as income. If that benefit is not reported, the Canada Revenue Agency (“CRA”) can reassess the shareholder for the value of that benefit under section 15(1) […]
Any company with more than one shareholder should give some thought to whether or not they should implement a unanimous shareholders’ agreement (a “USA”). USAs give shareholders the flexibility to set out exactly how a corporation will be structured, how decisions will be made and how disputes will be resolved, among many other things. Generally […]
Dean Blachford, Tax Litigation Lawyer Valentine Gurfinkel, Student-at-law For tax purposes, goods and services bought and sold in Canada fall into three categories: Taxable supply, Exempt supply and Zero-rated supply. The type of supply a business sells profoundly affects its tax liabilities and benefits. Too many businesses run into trouble with the Canada Revenue Agency […]
One of the main reasons that people incorporate their businesses is to shield themselves (and their partners and investors) from personal liability. And although the corporate structure does allow businesses owners to avoid liability in most circumstances, there are ways in which people within the corporation can be held personally liable when they do not […]