Corporate use of personal tools & equipment
Hi,
I have an Alberta corporation and am the sole Director, Officer and Shareholder as well as the only worker. Can I use the tools & equipment that are in my personal name to generate revenue for the corporation?
The tools & equipment valued at around $5000 were a capital dividend from the dissolution of a previous business. Aside from claiming depreciation, it would seem to me that selling these assets to the new business would mean paying tax twice as the purchase is made ultimately with after tax dollars. There isn't much benefit for me to retain earnings or build equity in the business as the business is a short term (4 year) option while I attend university.
Information on the topic is appreciated.
I have an Alberta corporation and am the sole Director, Officer and Shareholder as well as the only worker. Can I use the tools & equipment that are in my personal name to generate revenue for the corporation?
The tools & equipment valued at around $5000 were a capital dividend from the dissolution of a previous business. Aside from claiming depreciation, it would seem to me that selling these assets to the new business would mean paying tax twice as the purchase is made ultimately with after tax dollars. There isn't much benefit for me to retain earnings or build equity in the business as the business is a short term (4 year) option while I attend university.
Information on the topic is appreciated.