Certificate Course

Corporate Income Tax Fundamentals

Program

MFA™-Business Services Specialist

Overview

This course serves as an introduction to the preparation of a corporate income tax return for a small business operating under a corporate structure as a Canadian Controlled Private Corporation (CCPC). The case studies included in this course include the preparation of corporate tax returns for the current year. This course contains all known changes that will apply to future years.

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Opportunity

The focus of this course is to provide you 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, the tax minimized, and planning opportunities identified on a timely basis. 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.

What You'll Learn

You will learn to identify accrual and cash base accounting, retained earnings and the return of capital, and active business income and specified investment business income. You'll understand how to properly report income for tax purposes and reconciliation of transactions, various schedules most prevalent on the T2 tax return and tax principles for reserves utilized to defer taxes. Also covered are tax consequences for stakeholders on various methods of remuneration and tax planning as an opportunity for both corporate and personal integration.

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

Student Experience

The course widened my knowledge on corporate taxes and provided more self-confidence in preparing T2 tax returns.

—Frank Bird, Winnipeg, MB

Course Content

Chapter 1 | Basis of Reporting Income
Chapter 2 | Understanding the Corporate Balance Sheet
Chapter 3 | Understanding Shareholder Equity
Chapter 4 | Sources of Corporate Income
Chapter 5 | Creating an Audit Trail for CRA Purposes
Chapter 6 | Completing the T2 Return
Chapter 7 | Tax Reserves
Chapter 8 | Shareholder Remuneration
Chapter 9 | Corporate and Shareholder Integration Theory

Marking Guide

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


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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