$1.)$ Shareholder Ioan

Mr$.$ Smith is the sole shareholder and employee of an engineering consulting firm called Smith Consulting Ltd$.$ Mr$.$ Smith is a resident of Canada for tax purposes. On December $31,2023($which is the last day of the fiscal year for the corporation$).$ Mr$.$ Smith withdrew $$150,000$ from the corporation as a shareholder loan.

Required:

Describe to Mr$.$ Smith the personal and corporate tax consequences of the $$150,000$ shareholder loan in accordance with ITA $15(2),$ assuming that none of the exceptions have been met.

When would Mr$.$ Smith have to repay the $$150,000$ shareholder loan to avoid the tax consequences described in question $41$ above?

The purpose of the $$150,000$ shareholder loan is to allow Mr$.$ Smith to purchase a new vehide to be used by Mr$.$ Smith in completing his engineering consulting duties for the corporation $($i$.$e$.$ to be used for employment purposes$).$ Describe to Mr$.$ Smith the exceptions to the shareholder loan general rule, described in question #$1,$ according to subsections $15(2\mathrm{.}2),(2\mathrm{.}3)$ and $(2\mathrm{.}4)$ of the ITA. Does Mr$.$ Smith's shareholder loan fall within any of these exceptions?