Featured Course: Tax Planning for the Corporate Owner-Manager

Are you able to advise private business owners and managers about the best way to manage their compensation to maximize the amount of after-tax income available? Gain a solid understanding of options available when constructing compensation packages, of the salary-dividend-bonus mix to maximize tax efficiency for the owner and each family member, and of constraints imposed by income tax and other laws so you can provide sound advice to the employer or client on compensation planning all year long.

"As a general practitioner I don't always come across the full spectrum of client needs, so need ongoing education to make sure I can identify client solutions at a higher level of technical proficiency as they arise – this course met these requirements. There is a great deal of new information in the course. I like the way the courses are grouped into topics that can easily be put into practice. The information is applicable to the client market I am attracting. The format of the comprehensive testing is perfect for a busy professional, EverGreen Explanatory Notes were excellent, and student support was very personal and responsive."
- Laura F., ON

PROGRAM: Business Services Specialist, Bookkeeping Services Specialist

One of the key issues faced by the owner/manager of a private business is how to best manage his or her compensation to maximize the amount of after-tax income available to the family including spouse, children, siblings and parents. A professional needs a solid understanding of the options available in assembling a compensation package, and the constraints imposed by income tax and other laws in order to provide sound advice to the employer or client.

CONTENT DESCRIPTION & KEY CONCEPTS:

Acquire the skills required to provide advice on compensation policies for the business owner/manager, with a view to minimizing the total amount of income taxes paid.

CERTIFIED SKILLSETS: The student will understand the different ways in which an owner/manager may draw compensation from an incorporated business including:

• A thorough understanding of the income tax implications of dividends, salary and deferred compensation programs to both the corporation and the owner.
• A basic understanding of the income tax limitations on income splitting.
• A basic understanding of the tools commonly used to split income – salaries, dividends, the use of family trusts and holding companies.
• An understanding of the various forms of deferred income plan contemplated by tax law, including registered and non-registered pension plans, registered retirement savings plans, deferred profit sharing plans, retirement compensation arrangements and salary deferral arrangements.

PRACTICE MANAGEMENT THESIS:  Formal Case Study. The student will apply the knowledge gained in the course to provide budgets and analysis to a sample company.

KNOWLEDGE BUREAU TOOLS INCLUDED:

• EverGreen Explanatory Notes
• Knowledge Bureau Calculators
  • Marginal Tax Rate Calculator
  • Income Tax Estimator
  • Tax-Efficient Retirement Income Calculator

MARKS ALLOCATION: