16.One of your friends, who is the sole shareholder of a private corporation, has decided that it would be a good idea to have his company pay for a swimming pool at his personal residence. He has concluded that this would be better than paying himself sufficient salary to construct the pool with his own funds. Do you agree? Explain your conclusion.
17.The general rule for shareholder loans is that they must be included in the shareholder’s income when received. Indicate two exceptions to this general rule that are available to all shareholders, without regard to whether they are employees as well as shareholders.
18.If the owner-manager of a private corporation is provided with a loan by his corporation to assist in acquiring a residence, he will not have to include the principal amount in income if he can demonstrate that he received the loan in his capacity as an employee, rather than as a shareholder of the corporation. Explain why this may be difficult for him to do.
19.John Brothers is a shareholder of Brothers Ltd. He is also considered to be an employee. Brothers Ltd. provides John with an interest free loan to assist him in purchasing a home after being moved to a new work location. Explain why John would prefer to have his loan benefit assessed to him as an employee, rather than as a shareholder.
20.Provide two examples of management compensation that can either reduce or defer the taxation applicable to a corporation and its shareholders. For each example, explain how the reduction or deferral occurs.
21.List and describe three factors, other than tax reduction and tax deferral, that should be considered by an owner-manager when choosing between salary compensation and the receipt of dividends.
22.Even in situations where provincial tax and dividend tax credit rates favour the use of dividends, owner-managers may retain more after tax income if they receive some part of their compensation in the form of salary. Explain this statement.
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