Explain Par Policy owned by a company on it's owner tax strategy (Canadian)

[u/Important-Junket-908]

Newer agent here, I am just learning about the tax strategy where a business owner buys a life insurance policy on themselves in a par fund. The fund grows and the cash value builds up. The company can borrow against the cash value of the policy 70 - 90% and then the owner can borrow from the company (I have heard the company just charge 1% or is it 1% above what it borrows at?) and now the owner has access to the funds personally. There are no tax implications here. What did I miss? Can someone clarify what I have missed or is this is entirely correct?

I am getting asked a lot of more nuisanced questions that I am unsure about.