Question: If we put our own personal funds into the business in the past tax year and want to recover the amount put in, would this be seen as a taxable income on his personal income tax submission?
Normally a shareholder loan refers to a situation where a corporation has lent funds to its shareholders. In this case, you have invested money into a corporation and are seeking a return of your capital. The income tax act has a number of provisions limiting the ability of a shareholder to take fund out of a corporation as a return of capital. Thus the withdrawal of funds will probably result in the withdrawal being a deemed dividends and taxes as a dividend in the shareholders hands.
The rules around these sorts of transactions are complex and I would recommend you discuss this with a CGA or CA.