Filing Proprietorship Returns

Tax Filing and Planning

By: Evelyn JacksWalter Harder, Connie Zhu

What You Will Learn

Proprietorships generate close to 70% of unincorporated GDP in Canada*.  This course provides experience with a broad range of business profiles including sole proprietors, partnerships, farmers, fishers and professionals.

*Statistics Canada: Publication 11F0027M, no.71

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Approach

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.

Content Description

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. 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.

Certified Skillsets

Students will learn specifically how to complete the 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. Students will also learn how to prepare and file the GST Return and the T4 Summary Return and slips. Case studies featuring a variety of unincorporated business enterprises 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 capital assets including claims under the Accelerated Investment Incentive Program (AIIP) and Designated Immediate Expensing Program (DIEP). 

Tools and Software

The participant will prepare case studies on tax preparation software, following step by step data entry instructions and have access to EverGreen Explanatory Notes, a comprehensive tax research library to assist in answering questions. Also included is the Knowledge Bureau’s Income Tax Estimator.

Marks Allocation