I have become aware of a case where the CRA has imposed preparer penalties on an accountant who filed tax returns for corporations and their shareholders where the shareholders did not report income in respect of shareholder loan debit balances…
Back-to-back loans
Bill C-29 (Dec 2016) amended the Income Tax Act (Canada) so that a loan by a corporation to an arm’s length entity could be treated as a loan to a shareholder of the corporation if the entity is required to…
Shareholder loans
I just posted a brief introduction to shareholder loans, which introduction you can find here.