49 What is a Small Business Corporation? Explain any tax advantages of being a Small Business Corporation.
Sam Newton and Wahaj Awan
For this topic you’ll need to know the following:
What is a Small Business Corporation?
What is a Qualified Small Business Corporation?
What are the tax implications of being a Small Business Corporation (particularly how does it tie into Business Investment Losses and the Lifetime Capital Gains Exemption) ?
What are relevant ITA and other citations?
Interactive content (Author: Shelley Lavigne, January 2020)
Resources:
ITA 248(1) “Small business Corporation”