Canada Transfer of assets from individual to company - HELP!!

[David Newcombe]

When transferring personal assets, in the form of inventory and cash, from an individual to a newly formed corporation (owned by that same individual or soon to be owned by that individual), can there be a loan element to the consideration paid by the corporation, as well as the necessary share element.

i.e could the double entry be as follows:

Dr Inventory (Inventory transferred from individual to corp)
Dr Bank and cash in hand (cash transferred from individual to corp)
Cr Loan owing to individual (Loan consideration owed to individual)
Cr Equity (Share consideration owned by individual)

Would this then be a way of getting income from the corporation going forward, in the form of loan repayments?

Thanks in advance,

David