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Unformatted text preview: separate from the affairs of its owner(s) - the shareholder(s) * For tax purposes, corporate pro±ts earned or losses incurred belong to the corp.; however, at some point individual shareholders will realize pro±ts of the crop. by receiving dividends and /or by disposing of their shares, if and when they rise in value * While the individual and the corp. are separate taxable entities, there is only one recipient of pro±t and cash ²ow- the individual * Therefore, the separate taxation of the two primary entities is only temporary and that ultimately the two will be integrated * The Canadian income tax system taxes two primary entities - the individual and the corp....
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This note was uploaded on 02/05/2012 for the course ACC 522 taught by Professor A.vena during the Spring '11 term at Ryerson.
- Spring '11