Tax Dread for Small Business Owners: Filing Proprietorship Deadline Looms

A typical small business owner fearlessly wears many hats.  However, when it comes to tax season, most just want to grab a pillow and hide their head under it.

According to a study from the Canadian Federation of Independent Businesses (CFIB), nearly 80% of small businesses say that paying taxes is the biggest challenge they face so it is no wonder that tax season brings such a sense of dread.

Dan Kelly, (CEO of CIFB) states “I can say quite authoritatively that almost every business in Canada is not fully tax compliant – and in 99% of those cases, it is because the rules are so incredibly complicated that implementing them is perfectly is nearly impossible”.

Whether this is your client’s first year of filing their taxes as a business or they are an old hand, there are many different scenarios to consider giving your client the best service for filing their proprietorship returns.  In order to give your client’s the best advice, taking our Filing Proprietorship Returns course will give you the incredibly valuable information you require.

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 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.

During your studies, you will learn how to complete an 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.

You'll become competent in preparing and filing GST Returns and T4 Summary Returns and slips. Case studies featuring a variety of unincorporated business enterprises will 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 due to pandemic such as GST/HST deferral, new GST/HST rules for e-commerce providers, government support program for wages and rent, forgivable loans, how to claim new CCA class 54 and 55, how to claim home workspace expenses due to pandemic, and the Pandemic Relief Provisions.

This outstanding certificate course, Filing Proprietorship Returns is a “must do” for advisors who want to expand their practice providing advice on this strategy with their clients.  This might be the most important financial course you have taken to advise business owners in some time.