COMMERCE 4SC3 Lecture Notes - Lecture 5: Treasury Stock, Property Income

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If cra charges her with tax evasion, she"d have to pay 50% of the tax she owes as penalty at federal and provincial levels (i. e. 65k+65k=130k) plus any additional interest they charge. They can also charge you criminally so you can get jail time. **if you"re guilty under this section, the money is not deductible from company and it goes on both your personal tax return and corporate return. 3 ways to legally remove money from company: take dividends from the company (dr. r/e and cr. Cash: pay yourself money (dr. salary expense and cr. Cash: shareholder loan (dr. s/h loan and cr. Cash); borrowing money, but letting people know you"re borrowing it. This is where you borrow money but make journal entry saying you borrowed money from the company. I want money from company personally to do things i like. There"s 3 ways to do it legally listed above ^.

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