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

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