TaxTips.ca
The Facts on Tax
Specified Shareholder
Income Tax Act (ITA) s. 248(1)
A specified shareholder of a corporation is a person
who owns, directly or indirectly, at any time in the year, not less
than 10% of the issued shares of any class of the capital stock of the
corporation or of any other corporation that is related to the
corporation. As well, a taxpayer is deemed to own each share of
the capital stock of a corporation owned by a person with whom the
taxpayer does not deal at arm's
length .
TaxTips.ca Resources
Personal Services Business - no
small business deduction, limited expense deductions
Small Business Deduction
Corporate tax rates - federal and provincial, general and small business
Should you incorporate your small
business?
Specified
Investment Business (SIB) - not eligible for small business deduction,
includes information and court case re campgrounds .
Canada Revenue Agency (CRA) Resources
T2
Corporation Income Tax Guide (T4012) - Specified Shareholder
Tax
implications for a personal services business
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