lol, most fail to understand there is an intricate relationship with the corporate tax and credits system. It is a full time job figuring out the retention of company treasure, handling capital losses constructively, and legal posture preparation to minimize risk.
While founders-syndrome tricks people into thinking they can do anything... they can't do everything... and often end up doing nothing when bankrupt.
You can learn the hard/expensive/painful way, or do things the easy way the first time to retain more cash to invest back into the firm,
If you are an employee filing a T4, and or a shareholder filing your T5... there is still a minefield of mistakes that can trigger taxable events. Depends how much you can legally retain, but the tax systems are often similar to a crime of omission in that it ensures you will miss most opportunities. These rules are complex on purpose.
While founders-syndrome tricks people into thinking they can do anything... they can't do everything... and often end up doing nothing when bankrupt.
You can learn the hard/expensive/painful way, or do things the easy way the first time to retain more cash to invest back into the firm,
If you are an employee filing a T4, and or a shareholder filing your T5... there is still a minefield of mistakes that can trigger taxable events. Depends how much you can legally retain, but the tax systems are often similar to a crime of omission in that it ensures you will miss most opportunities. These rules are complex on purpose.
Best of luck, and don't drop the soap =)