News & Information
Shareholder loans refer to loans made by shareholders of a corporation to the corporation. The tax implications of such loans will vary depending on the jurisdiction, but usually, they are not considered taxable income to the shareholder.
No doubt you have heard someone say, “I’m self-employed.” What do you think of when you do?
Paying yourself as a small business owner is an important decision. Determining how you do it will be very important concerning finances and taxes.
The Canada Revenue Agency (CRA) will use detailed guidelines to determine whether someone working for you is an independent contractor or an employee. It is important that you understand the difference and classify that person correctly, otherwise the difference could have a hugely negative impact on your taxes.