NEW: T2 Tax Preparation for Professional PracticesPosted: January 31, 2017 By : Knowledge Bureau Staff
Posted in: Strategic Thinking
If your goal is to shore up your corporate tax preparation knowledge on preparing returns for professional corporations, you will want to enrol in this new online certificate course from Knowledge Bureau, which has a special focus on the needs of clients who are financial advisors and medical practitioners.
Processing tax returns for incorporated businesses requires proper planning and deep knowledge of rules defined by Finance Canada. Not only will this course focus on personal/corporate tax planning for small to medium-sized businesses that are owned and operated by professionals, it will also provide instruction on retirement and succession planning as an integral part of the course.
These topics are especially important in a time of great change in the incorporated professional services; demographic trends mean that more professionals are planning their retirement/succession than ever before. This course will highlight the rules and frame proper planning and compliance issues for busy professional tax and financial advisors charged with assisting these businesses.
The student will demonstrate the following competencies:
- understand the tax rules pertinent for professional corporations
- learn how the Income Tax Act rules apply to self-employed professionals versus incorporated professionals
- understand of the corporate structures utilized for small to medium-sized professional corporations, including various forms of share capital
- review and apply the various rules imposed by different provinces and their respective professional organizations in relation to the incorporation and ownership of the incorporated practice
- know how tax integration works between the corporation and its shareholders, including the ability to income-split, defer tax and reduce the overall tax burden
- learn the various ways to incorporate HR benefits for the practitioner and family into the corporate model, including group benefits and health spend accounts
- awareness of the factors inherent in structuring a sale of the professional corporation, including financing considerations and the issues related to removing redundant assets with a view to utilizing the Lifetime Capital Gains Exemption
- learn ten strategies for succession planning that will give the advisor an appreciation and understanding of the key issues in transitioning the business for an incorporated professional
For more Information about new Knowledge Bureau’s T2 Tax Preparation for Professional Practices click here. This course is part of MFA- Business Services Specialist designation program. For more information about the designation program please click here.
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