Are the CEO's earnings different from the company's earnings?
I am a resident of Ontario and I am planning to go to University in September. Upon applying for OSAP I was asked what my monthly salary while in school will be (excluding time away from school). I own a corporation (xxxxxx, Inc.)
Lets say my company was making 00 a month (fake number of course) and I only payed myself 0 of this each month while in school and kept the rest of the money in the business account. Would I write that I am making 00 or 0 monthly on the OSAP application? My thoughts are that I would put that I am earning 0 each month as my company is making 00 a month, not me -- I am only making 0 a month.
TLDR; Are the CEO's earnings different from the Company's earnings if the CEO is the only shareholder?
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Individuals and Registered Limited Companies are separate entities in law, and that is their purpose. You cannot claim the income of a company.
Your personal income is 0 p/m. However, since you are the sole equity holder you can claim that your net worth is increasing every month since the value of your equity is increasing in lieu of the company's retained earnings.
How you choose to present this on an application is, in my opinion is subjective. What is the information they want and fill in the form to most accurately assess your opinion of that requirement.
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