Is a shareholder of a corporation entitled to use of the corporation's corporate property for personal use purposes?
Canada (Federal), Canada
The following excerpt is from Servais v. The Queen, 2003 FCA 329 (CanLII):
Put simply, any use by a shareholder of corporate property is potentially subject to tax under subsection 15(1). The value of the benefit is determined in accordance with the principles set out in the case law (see, for example, Youngman v. Canada (1990), 109 N.R. 276, 90 D.T.C. 6322, [1990] 2 C.T.C. 10 (F.C.A.)) except to the extent that the method of valuation is stipulated in the Income Tax Act.
"The most advanced legal research software ever built."
The above passage should not be considered legal advice. Reliable answers to complex legal questions require comprehensive research memos. To learn more visit www.alexi.com.
Other Questions
Is a party who denied possession of a property at the time of the purchase of the property entitled to a third party's property? (MultiRegion, United States of America)
Can a remainder be limited upon a bequest of personal property as well as other personal property? ("New York", United States of America)
Is a person who is both a guiding spirit of a corporation and an employee of that same corporation entitled to be paid severance pay? (Canada (Federal), Canada)
Does a prisoner have a right to access the property of his or her personal property? (MultiRegion, United States of America)
Does the community property presumption apply in a personal injury action between a married person and a third party creditor? (MultiRegion, United States of America)
Is a tenant entitled to sue the landlord for possession of a property where the landlord also seeks to invest in the tenant's property? (MultiRegion, United States of America)
Is allocation of shareholder benefits to a taxpayer’s shareholder justifiable where that benefitting taxpayer is a shareholder? (Canada (Federal), Canada)
Does a client who relies on his attorney for personal injury purposes have an obligation to timely filing in a personal injury case? (MultiRegion, United States of America)
Is it a fiduciary duty of a publicly held corporation to provide shareholders with an accurate and complete record of how the corporation is spending its assets? (MultiRegion, United States of America)
Can a police officer detain a person who acts in a manner which suggests that he poses imminent danger to persons or property? (MultiRegion, United States of America)
