Entrepreneurship & Small Business

Purchase on company card .. taxes

  • Last Updated:
  • Feb 5th, 2019 8:22 am
Deal Addict
May 12, 2007
1181 posts

Purchase on company card .. taxes


I am traveling and a place id like to visit won't take amex. I have a corporate card and I am the sole owner of the company. I never used the card before.. if I use it now and have a personal expense on it, do I need to report it for expenses or can I just ignore it ?
3 replies
Sr. Member
Nov 12, 2014
774 posts
Kingston, ON
You can put it on corporate card but repay it with personal funds.
Feb 4, 2019
23 posts
As mentioned above, you will have to report the charge as a loan from your corporation to you as a shareholder (a receivable asset in your corporation's books).

Technically, as long as you repay this "loan" to the corporation within one year after the end of your corporation's fiscal year, plus 2% interest (as per CRA's prescribed annual interest rate for the 1st quarter of 2019), there will be no tax implication to you personally. Your corporation will have to report the interest received from this loan as income on its return.

Hope that helps!