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GST/HST Returns A corporation has reporting periods for which it has to file its GST/HST return.  Shareholder’s liability for a corporation’s debt As mentioned in part 1 of this blog series, a corporation is a separate legal entity.  And since it is considered as such, a shareholder of a corporation is considered to have limited liability.  This means that shareholders of a corporation are not responsible for the corporation’s debts.  However, limited liability may not always protect shareholders from creditors.  There are some instances where a shareholder may be personally liable for the corporation’s debts.  An example would be if the...
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Before we go into detail about corporations and taxes, let’s start with the basics. What is a corporation? A corporation is a separate legal entity meaning it can enter into contracts and own property in its own name, separately and distinctly from its owners.  What makes a corporation? The following are features of a corporation: -       It is a separate legal entity with a perpetual existence; -       It can generally raise larger amounts of capital more easily than sole proprietorship or partnership; or -       The shareholders cannot claim any loss the corporation sustains. How is a corporation formed? The owners also...
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A Minute Book is used to keep all the important documents of a business.  These documents include articles of incorporation, minutes of shareholders and directors meetings, share certificates, by-laws and other legal documents.  It is important to keep your Minute Book up to date as it is an essential part of running and operating a business.  First, the Minute Book keeps records of all the important decisions made in the corporation and shows that the company is acting as a corporation.  The Minute Book is also essential in proving ownership if ever you want to sell your business or if there...
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A corporation must meet certain requirements in order to be eligible for the small business deduction.  Specifically, the small business deduction cannot be claimed by a corporation that carries on a specified investment business.  A corporation’s business is considered a specified investment business if the principal purpose of the business is to earn income such as interest, dividends, rents and royalties from property.  One exception to this rule is if the corporation employs more than 5 full-time employees in that business throughout the year.  Generally, the business of a campground involves the renting of property and providing basic services typical of...
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