Say you are a dentist/lawyer/doctor with your own corporation, can you give yourself an interest free loan from that corp in order to buy a house? how does that work?
@artemis153 That is a taxable benefit (difference between interest you paid vs what interest you are supposed to pay at the prescribed rate, on CRAs website
Taxable benefit meaning it will be added to your income
@22absolutefreedom22 Yup I agree here that’s how it would work if your Corp bought a house that you live in without paying rent. That fair market rent that you skipped out on paying would be seen as income and you get taxed lol . You can’t avoid the tax man you can only delay the tax man . Criminal world we live in. All for fake paper fiat that they print into existence. Biggest scam going
@artemis153 I doubt it can be “interest free” cause the government likes to stop any games that you try to play . Reason I say this is cause I looked into buying a house through my Corp and letting myself live there for $1/month rent but the rent has to be fair market rent . So it wouldn’t shock me that the loan would have to be fair market bond prices which today are say 5.5% . Guaranteed some bullshit like that
@artemis153 Definitely speak with an accountant. The shareholder loan rules do not allow interest free loans, nor do they really allow long term loans. It would be traumatic to have an S15.1 assessment done on the value of a housing loan.