The corporation will determine the nature of any payout to shareholder owners and report on required slips. Such as T4 (Employment) T4A (directors Fees) T5 (Dividends, Eligible or non-eligible) and amounts that may be considered as tax free such as automobile allowance (under CRA guidelines), office in home reimbursement (reasonable under CRA guidelines ) and return of shareholders loans. You will need to reconcile this with the corporation and make sure the amounts are declared and reported correctly.
You are not personally self-employed when receiving payments from your own corporation.
