Tax Preparation for Proprietorships: A Growth Opportunity for Your Business

Unincorporated small business returns are increasingly in demand as an aging demographic moves from full-time employment to self-employment as a way to leverage time and money.

Knowledge Bureau’s T1 Tax Preparation – Proprietorships course—part of the Tax Services Specialist-Distinguished Financial Advisor designation—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.

Students will learn specifically how to complete the income statement for 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.

For more information about the T1 Tax Preparation – Proprietorships course, click here.

What Our Students Say:

“This course is very valuable to any financial planner. They will learn material they only ‘thought’ they knew. Any CFP will learn something valuable in this course.” James H., ON

“I appreciated the wide range of topics that the course covered. This course has been very helpful in preparing me for the upcoming tax season and in better serving my clients. It has also helped me with my own plans for my bookkeeping business. The EverGreen notes are so helpful! I appreciated how promptly you have addressed my concerns.” Wendy M., BC

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