Nov. 18: Planning for Owner-Managers of Private Corporations

Do you need to know more about corporate taxes and year end planning for corporate owner-managers? Many personal tax practitioners and financial advisors struggle with understanding the rules for setting up small business corporations, investing within them, and withdrawing funds most tax efficiently. Now, you can have confident knowledge after one day: November 18 at the Virtual CE Summit.

Great feedback . Virtual is in demand! Here’s what attendees had to say about our last CE Summit:

“Never has there been a better time to overhaul or at least review our processes, procedures and update our staff. As insecure as many people are feeling about their jobs / careers, we are in fact more essential than ever.” – Heather Haddon

“Great presentations!!!! Very informative for dealing with Corporate Clients.” – Cathy Losing

“I have gained so much - thank you” – Margaret Jones

“This has been a great summit and I thank you for this very well produced virtual event.”

– Kareen Rekowski

Great agenda. Now you have the opportunity to have a deep and high value learning experience about a critical topic as more Canadians grow small businesses and wish to incorporate. Best of all, you can learn without leaving your home or office. Mark your calendar to join us on November 18 from 9:30 to 2:00 CT. Early registration discounts are available until October 15. Here’s the agenda:

PART 1 THE YEAR END TAX PLANNING COURSE - ONLINE

To access it, logon to the Knowledge Bureau Virtual Classroom. Final Deadline: NOVEMBER 30, 2020

INTRODUCTION

HOW TO COMPLETE YOUR KNOWLEDGE BUREAU ONLINE COURSE COMPONENTS

Access Your Comprehensive Knowledge Journal, Quizzes and EverGreen Explanatory Notes in the Virtual Campus as soon as you receive your enrolment confirmation. Study at your leisure out of your favorite self-isolation space, or study using Microsoft Teams or other platform, with your business colleagues or staff.Check out your Virtual CE Summits T uition Value Program and Prizes.

2020 PERSONAL TAX UPDATE AND ANALYSIS OF 2020 BUSINESS RESULTS

· Tax filing statistics and new client profiles, behavioral finance issues

· Tax brackets, rates, deductions, credits, clawbacks and tax calculations for 2020

· Changes to taxation of income and income replacement programs

· Taxation on wealth: asset valuation, acquisition and disposition

  • Focus on Investments - 14 Opportunities

o RPP, RRSP, RRIF, IPP, TFSA, RESP, RDSP, DPSP contributions

o Reinvestment of tax refunds and refundable tax credits or social benefits received

o Investments in tax exempt insurance policies

o Investment in a tax-exempt principal residence

o Investments in business enterprises

o Investments in real estate

o Focus on business ownership

CURRENT ISSUES AND TRENDS IN TAX AND WEALTH MANAGEMENT

CHAPTER 1

In this session, three important components of year end business management are discussed:

· How to help owner/managers analyze their results;

· Budgeting for 2021 business outcomes; and, perhaps, most importantly

· Managing cash flows.

Learn how to help your clients understand the current year’s results, an important precursor to budgeting for the year ahead. Integral to this process is ensuring that sufficient attention is paid to cash flow budgeting, to establish important management targets, identify when additional resources might be needed, and what steps should be taken, in terms of financing/capital requirements and surplus cash strategies, such as investing in the company or undertaking owner distributions.

 

CHAPTER 2

UNDERSTANDING THE CORPORATE BALANCE SHEET

  • Understanding the Corporate Balance Sheet
  • Section 85 Rollovers

BEST PRACTICES: MANAGING RISK TO YOUR BUSINESS

CHAPTER 3

UNDERSTANDING SHAREHOLDER EQUITY

  • Understanding Shareholder Equity

o The Shareholder Loan Account

o The Capital Dividend Account

 

TECHNICAL SESSIONS

CHAPTER 4

SOURCES OF CORPORATE INCOME

o Active Business Income

o Small Business Deduction

o Specified Business Income and RDTOH

o Rental, Dividend and Personal Services Business Income

CHAPTER 5

COMPLETING T2 RETURNS

 

CHAPTER 6

SHAREHOLDER REMUNERATION

· Understand Personal – Corporate Tax Rates and Integration

· Shareholder Remuneration Options including when to take:

o Salary, various Taxable/Tax Free Benefits including standby charges

o Dividends

§ From General Rate Income Pool and Low Rate Income Pool

§ From Public Company distributions in corporate investment accounts

o Bonuses

· Acquiring assets before year end

CHAPTER 7

TAXATION OF DIVIDENDS FOR THE WHOLE FAMILY

· Hiring Family Members

· Insurance Strategies for Small Business Owners

· Sale of business issues – asset vs shares

· Closing of business issues – insolvency, closure without return on investment

 

 

PRACTICE MANAGEMENT THESIS: WEALTH MANAGEMENT STRATEGIES AT YEAR END

FOCUS: USING INSURANCE IN A DONATIONS STRATEGY

 

 

PART 2: INTERACTIVE ZOOM WEBINAR – November 18

9:30 AM – 2:00 PM

(all times list below in Central Standard Time)

 

9:30 AM

LOG IN TO ZOOM : A link will be emailed to you 48 hours before the Webinar.

Each Session includes a 25 minute presentation, then 5 minutes for Q&A and Polling. Each Registrant must answer the Poll as part of the session to be eligible for CE.

 

9:45 AM

WELCOME AND OVERVIEW With Your Host Evelyn Jacks, President, Knowledge Bureau and Moderator Barbara McRae, CMP, RWM™, Strategic Events.

 

 

10:00 AM

With Evelyn Jacks

Session 1 – PERSONAL TAX UPDATE AND YEAR END INVESTMENT STRATEGIES

 

10:30 AM

With Jenifer Bartman

Session 2 – BUSINESS RESULTS ANALYSIS, FORECASTING, BUDGETING

 

11:00 AM

With Dr. Dean Smith

Session 3 – CORPORATE TAX BOOTCAMP PART 1

 

11:30 AM

With Dr. Dean Smith

Session 4 – CORPORATE TAX BOOTCAMP PART 2

 

12:00 PM

With Larry Frostiak

Session 5 – OWNER-MANAGER REMUNERATION PART 1

 

1:00 PM

With Larry Frostiak

Session 6 – OWNER-MANAGER REMUNERATION PART 2

 

1:30 PM

Society of RWM™ Panel: YEAR END DONATION STRATEGIES FOR OWNER-MANAGERS

 

2:00 PM

 

Closing Remarks

 

     

Registration Deadlines:

 

October 15 Final Early Registration Deadline

Nov 2 Publication of TAX PLANNING FOR INVESTORS AND OWNER-MANAGERS COURSE

Nov 15 Final Registration Date – Regular Fees

November 18 Virtual CE Summit

 

Everything is Included : Your Comprehensive Online Course, Online Quizzes and Program Guide with Presentations brings you up-to-the minute information you can use immediately to advise your clients. Access to EverGreen Explanatory Notes with recommended topics to read compliment this comprehensive professional development program.

Enrol now for the November 18 Virtual CE Summit . You can save $100 on enrolment (regular tuition: $695) if you register by October 15. Current students and designates can save even more: regular tuition rates for Active Students are $595; $495 for designates less the early-bird discount!