Overview

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.

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Student Experience

This course includes a tremendous amount of useful information for tax preparers and bookkeepers who wish to gain a better understanding of what they are doing and become more accurate. My objective was to learn how to prepare tax returns for small proprietorships, in order to expand my practice. In addition, I do bookkeeping for small businesses and was keen on gaining a better understanding of tax requirements, so that I could be a better bookkeeper. I have acquired a wealth of knowledge and feel a lot more confident about the services I am offering to my clients.

—Sylvie G., YT

Who Should Attend

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.

Updated indexed deduction amounts (CPP, EI, etc.) for 2023 and 2024, and changes to taxable capital gains rates and Lifetime Capital Gains Exemption pre and post June 24, 2024.

Marking Guide

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.