Corporate Income Tax Fundamentals
Categories: Tax Planning
Your Instructors: Larry Frostiak
Updated by: Diane Elliott
PROGRAM: Business Services Specialist
Learn to prepare a T2 corporate return for your small business clients.
The focus of this course is to provide the preparer with an understanding of the business issues and tax options that underlie the taxation of corporate income, so that the return can be prepared accurately, tax is minimized and planning opportunities are identified on a timely basis.
CONTENT DESCRIPTION & KEY CONCEPTS:
This course serves as an introduction to the preparation of a corporate income tax return for small business operating under a corporate structure as a Canadian Controlled Private Corporation (CCPC). The Case Studies included in this course are current for the 2017 tax year; however this course contains all known changes to rates through to 2019. From a company’s transformation from Proprietorship through to Corporation, this course will teach you the fundamentals of preparing a T2 return for the majority of small business corporations operating in Canada today. Case studies using major software programs such as TaxCycle, Intuit Profile and Thomson Reuters Dr. Tax are included.
CERTIFIED SKILLSETS: The student will have achieved the following competencies:
- Identifying Accrual and cash base accounting
- Retained earnings and the return of capital
- Active business income and specified investment business income
- How to properly report income for tax purposes and reconciliation of transactions
- Understanding various schedules most prevalent on the T2 tax return
- Understanding tax principles for reserves utilized to defer taxes
- Tax consequences for stakeholders on various methods of remuneration
- Tax Planning as an opportunity, both corporate and personal integration
PRACTICE MANAGEMENT THESIS: Chapters end with multiple-choice and true-to-life scenarios found online which test the practical application of the key concepts covered in the course. A review before the examination, called the Practice Management Thesis (PMT), prepares the student with a consolidated case study testing the practical applications of course work.
KNOWLEDGE BUREAU TOOLS INCLUDED:
- EverGreen Explanatory Notes
Professional Software for Completion of Case Studies
- Profile T2
- DR Tax T2
- TaxCycle T2