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Glossary  ->   Small Business  -> Specified Shareholder

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. 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

Revised: October 26, 2023



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