IANAA but imo an asset transfer is an expense to one side and income
to the other.
The trick is that to the company its a special kind of expense and to the owner
its a special kind of income - - - especially true in the way that the tax man
sees the transactions.
Here I would check in what the gooberment has to say about it.
Ignore most of the following (from the Canada Revenue Agency - - - see line
9932.
(
Part 9 – Details of equity
If you are a partner in a partnership that must file a partnership
information return, do not fill in this section.
Line 9931 – Total business liabilities
A liability is a debt or an obligation of a business. Total business
liabilities are the total of all amounts your business owes at the end
of its fiscal period.
Total business liabilities include:
accounts payable
notes payable
income taxes and taxes payable
unpaid salaries, wages and benefits
interest payable
deferred or unearned revenues
loans payable
mortgages payable
any other outstanding balance related to the business
Line 9932 – Drawings in the current year
A drawing is any withdrawal of cash (including salaries) or other
assets, or services of a business by the proprietor or partners. This
includes transactions by the proprietor or partners (or family
members), like withdrawing cash for non-business use and using
business assets and services for personal use. Include the cost or
value of the personal use of business assets or services in your
drawings for the year.
HTH