Hi,
Can corporations pay their shareholder/officer an allowance to make their home and auto available to the corporation for usage? Will that allowance be taxable?
If the allowances are taxable and the rent is washed out by expenses, does it have to be claimed on a T1. For example, if the corp pays the director rent of $3,000 and the home expenses prorated for office space is $3000, does it need to be reported as such?