Unidisc musique inc. (“Unidisc”) is a company that sells music records. In the normal course of its business, it purchases master tapes of recordings of music (“master records”) in order to make copies of good quality for resale.
Disallowed Deductions / Déductions refusées
Shareholder Benefits Can Lead to Double Taxation
Two taxpayers were reassessed, a corporation and its sole shareholder. The shareholder sold financial products and life insurance policies through his corporation although, for some provinces, he had to conduct business as a sole proprietor due to provincial regulations.