Shareholder Benefits
Shareholder benefits can arise in different and are usually taxable.
Corporate-owned Life Insurance
Income Tax Act (ITA) section 15(1)
Suppose the corporation
- owns an insurance policy
- pays the premiums
and the beneficiary is
- the shareholder
- a party related to the shareholder
then the premium paid by the corporation would be a taxable benefit to the shareholder
page revision: 3, last edited: 20 Apr 2007 03:44