This video will go over what shareholder loans are. Discover the definition of shareholder loans, different transaction types that can lead to these loans, and the importance of maintaining proper bookkeeping. Understand the tax implications, including potential income considerations if loans are not repaid within a specific timeframe and any tax issues with the Canada Revenue Agency (CRA). Subscribe for more Canadian tax and accounting information (*not financial advise*).
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SALARY vs DIVIDENDS | How Business Owners get PAID in CANADA
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TIMESTAMPS
00:00 Intro
00:30 What is a shareholder's loan?
02:11 Shareholder loan balance
03:14 Clear shareholder's loan balance with dividends / salaries
04:26 Bookkeeping of shareholder's loan account
06:30 Sole proprietorship
07:09 Keep business and personal expenses separate
07:56 Important Timeline for shareholder's loan debit balance
09:00 Shareholder loan issues
10:34 Pro tip
11:22 Outro
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ABOUT ME
Hi, my name is Irene! During my time working in public practice, I realized that so many small businesses had so much untapped potential because they were missing a vital component in their business: Company Finances. Many business owners were never taught financial literacy and I realized that there was a need for accounting services with a modern-day approach that supported business owners. That is how Sense Accounting CPA was born. We are a cloud-based firm that provides bookkeeping and fractional CFO services for Canadian small businesses. The goal for this channel is to share important accounting and tax information for Canadians.
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Disclaimer – The information presented in this video is for entertainment purposes only. Although I am a Chartered Professional Accountant, I am not your accountant and therefore, the information should not be taken as financial or legal advice. Every individual's situation is unique, and it is important to consult with a qualified financial or legal professional before making any decisions related to your personal finances or legal matters.
