Commission Salespeople: Fill Knowledge Gaps on The Tax Consequences

Are you in the dark about tax rules for employed and self-employed taxpayers?  Shore up your knowledge base now with two new short courses from Knowledge Bureau in the new Knowledge Gap Series. Here’s what you’ll learn online (that means in the comfort of home, office, cottage or beach), and the price is right, too.

First, the incredibly low tuition fees (they qualify for a tuition fee credit too):

Your first Knowledge Gap Course: Only $195. Each subsequent Knowledge Gap Course: $99.  Your study period is 1 month (yes, you can have company the night before, no problem); and extensions are only $99 per month.  These courses also qualify for 2 CE/CPD credits.

Now to the content overview:

Self-Employed Commission Sales

Becoming a self-employed contract worker can be a confusing transition for former employees. This Knowledge Gap course provides the fundamentals about what it means to be self-employed and provides particular guidance on the type of tax deductions commonly claimed by self-employed commission salespersons.

What You’ll Learn

  • How do you know if you’re self-employed or an employee?
  • How is self-employment income reported ?
  • What expenses can be claimed by a self-employed commission salesperson
  • Audit traps can you fall into:what are the limitations of those expense claims?
  • How do you write off home-office, auto and entertainment expenses?

Commission Sales Employees

Converting from a salaried position to a commissioned sales position can be very confusing for an employee, not to mention intimidating; especially for those not familiar with paying their own expenses and remitting their own taxes to CRA because of the potential for quarterly instalment remittance requirements. These employees need guidance on what can be deducted and what can’t be,  as well as how to keep proper records for income tax purposes. Why?  Because they are now more prone to tax audit than under their old employment status.

The rules for claiming expenses by employees are very restrictive. Employed commission salespersons face additional challenges as they may have both sales expenses (promotions, entertainment and gifts to clients) as well as auto expenses and home office expenses. And each of these types of expenses has its own set of restrictions.

What You’ll Learn

  • How much income you must earn from commissions to claim expenses.
  • Under what conditions can an employee deduct employment expenses?
  • The restrictions are placed on each type of expense claim.
  • How to keep proper records to audit-proof employment expense claims.

Knowledge Gap Courses provide the following opportunities:

  • Professional development onlinefor advisors: decipher today’s financial issues to advise your clients confidently and proactively
  • Financial education for clients: engage your clients with high-value online financial education you can easily share
  • Deepen knowledge, plus earn CE credits – listen to your instructor, read the Knowledge Journal, take the CE quiz, stay up-to-date with KBR (Knowledge Bureau Report)
  • Everything is included –thought-provoking Financial Storyboards to help stimulate new conversations about important financial topics between an advisor and a client – led by the “aha moments” deeper tax knowledge can bring.

Enrol today: