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Do you like getting tax refunds for your company?

Do you like getting tax refunds for your company?

Do you like getting tax refunds for your company?
17 May 2016
Written by: Warren Haag
Tags: Income Tax

One of the concepts underlying the Canadian income tax system is integration.  This means that even though a business owner will pay corporate income tax on profit earned in their company as well as personal tax on salaries or dividends paid out to them from the company, integration will take effect and generally prevent the business owner from being exposed to double taxation.

One of the ways integration occurs is through corporate tax refunds being credited or paid to a company when the company pays a taxable dividend to its shareholders.  There are a number of factors that determine whether or not a corporate tax refund will be available to your company.  To find out how integration and corporate tax refunds affect your company, contact a Manning Elliott tax advisor today.

The above content is believed to be accurate as of the date of posting. Tax laws are complex and are subject to frequent changes. Professional advice should be sought before implementing any tax planning. Manning Elliott LLP cannot accept any liability for the tax consequences that may result from acting based on the information contained therein. 

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