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Certificate Course
Filing Proprietorship Returns
Program
DMA - Personal Tax Services Specialist
Overview
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 will also learn how to file a GST and T4 return for a proprietorship and will be introduced to the forms required to report farming income (T2042, T1163 and T1164) as well as T2121 used to report income of a fisher.
EnrolCourse Content
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
Student Experience
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
Opportunity
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. This course provides experience with a broad range of business profiles including sole proprietors, partnerships, farmers, fishers and professionals.
Who Should Attend
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 will also learn how to file a GST and T4 return for a proprietorship and will be introduced to the forms required to report farming income (T2042, T1163 and T1164) as well as T2121 used to report income of a fisher.
Updated indexed deduction amounts (CPP, EI, etc.) for 2023 and 2024, and changes to taxable capital gains rates and Lifetime Capital Gains Exemption pre and post June 24, 2024.
Why You Should Attend
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.
What You'll Learn
You will learn how to complete an 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.
You'll become competent in preparing and filing GST Returns and T4 Summary Returns and slips. Case studies featuring a variety of unincorporated business enterprises will 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.
You will also learn some government rules relating to capital assets including claims under the Accelerated Investment Incentive Program (AIIP) and Designated Immediate Expensing Program (DIEP).
What’s Included
• Personal course selection consultation
• Virtual campus orientation
• Lesson and study plans
• Personal instructor email support
• Comprehensive Knowledge Journal
• EverGreen Online Research Library
• Knowledge Bureau calculators
• Testing and certification
• CE/CPD accreditation
Marking Guide
All students who pass the course will receive a certificate. Students who receive a mark of 90% or better will receive a gold honours bar on their certificates.
CE | CPD Credits
Knowledge Bureau | 30 CPE credits
Most regulators and associations accept Knowledge Bureau certificate courses for continuing education credits.
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In-Class
Complement your online education with CE Summits. Held in November, January and May, these one-day, instructor-led workshops offer peer-to-peer learning experiences to students who prefer studying in groups.
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