Tax Accounting for Proprietorships

Knowledge Bureau Certificate Courses

Categories: Tax Planning

Your Instructors: Evelyn Jacks, Walter Harder

What You Will Learn

Proprietorships generate close to 70% of unincorporated GDP in Canada*.  This course provides experience with a broad range of business profiles including sole proprietors, partnerships, farmers, fishers and professionals.

*Statistics Canada: Publication 11F0027M, no.71

» Try it for Free


Unincorporated small business returns are increasingly in demand as aging demographic moves from full-time employment to self-employment as a way to leverage time and money.

Content Description

This course is designed to teach professional advisors tax preparation for proprietorships, using CRA's prescribed forms: Statement of Business or Professional Activities, Capital Cost Allowance statements, worksheets for reporting home office, automobiles, other assets, inventory control, and cost of goods sold. Students may use their own tax preparation software to complete the course. For those without tax preparation software, student versions of Intuit's ProFile Software Suite, Dr Tax's DT Max, and TaxCycle Suite are provided with the course.

Certified Skillsets

Students will learn specifically how to complete the income statement for the self-employed, partnerships, farmers, fishermen, and professionals, using the most recent tax laws, and budget proposals so that taxpayers arrange affairs within the framework of the law to pay the least taxes possible. Students will also learn how to prepare and file the GST Return and the T4 Summary Return and slips. Case studies featuring a variety of unincorporated business enterprises enable a thorough understanding of the tax preparation and planning options available to the unincorporated small business owner including income splitting with family members and the building of both revenues and equity for future tax advantages.

Tools and Software

The participant will prepare case studies on tax preparation software, following step by step data entry instructions and have access to EverGreen Explanatory Notes, a comprehensive tax research library to assist in answering questions. Also included is the Knowledge Bureau’s Income Tax Estimator.

Marks Allocation

Quizzes 25%
Case Studies 50%
Final Exam 25%
Passing Grade 60%
Honours Achievement 90%


Related Programs

Distinguished Financial Advisor

Table of Contents

Chapter 1:
Taxation of Income from a Proprietorship
Chapter 2:
Reporting Requirements: GST/HST
Chapter 3:
Claiming Business Expenses
Chapter 4:
Transactions Involving Business Assets
Chapter 5:
Home-based Businesses
Chapter 6:
Hiring Human Resources
Chapter 7:
Inventory-Based Businesses
Chapter 8:
Disposing of and Replacing a Business
Chapter 9:
Farming and Fishing Enterprises
Chapter 10:
Professionals and Partnerships

What Graduates Say

This course includes a tremendous amount of useful information for  tax preparers and bookkeepers who wish to gain a better understanding of what they are doing and become more accurate. My objective was to learn how to prepare tax returns for small proprietorships, in order to expand my practice. In addition, I do bookkeeping for small businesses and was keen on gaining a better understanding of tax requirements, so that I could be a better bookkeeper. I have acquired a wealth of knowledge and feel a lot more confident about the services I am offering to my clients. Sylvie G., YT
This course is very valuable to any financial planner. They will learn material they only 'thought' they knew. Any CFP will learn something valuable in this course. James H., ON
I appreciated the wide range of topics that the course covered. This course has been very helpful in preparing me for the upcoming tax season and in better serving my clients. It has also helped me with my own plans for my bookkeeping business. The EverGreen notes are so helpful! I appreciated how promptly you have addressed my concerns. Wendy M., BC