Harold Chui is the sole shareholder of CCPC Ltd. and of USCO Inc. CCPC Ltd. has advanced
Question:
Harold Chui is the sole shareholder of CCPC Ltd. and of USCO Inc. CCPC Ltd. has advanced USCO Inc. $100,000 to assist in financing its relatively new operations in Port Huron, Michigan. USCO Inc. does not pay any interest to CCPC Ltd. on this indebtedness, which has been outstanding for more than a year.
REQUIRED
Is this loan of any consequence to CCPC Ltd.’s Canadian taxes?
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Yes CCPC Ltd is required to report deemed interest on the 100000 at the prescribed rate Assuming a p...View the full answer
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Related Book For 
Introduction To Federal Income Taxation In Canada 2016-2017
ISBN: 9781554968725
37th Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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