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T1 Professional Tax Preparation – Proprietorships

Tax Planning

By: Evelyn Jacks, Walter Harder

PROGRAM: Tax Services Specialist

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.

CONTENT DESCRIPTION AND KEY CONCEPTS:

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 T1 and Dr Tax's DT Max T1 software 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. 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.

KNOWLEDGE BUREAU TOOLS INCLUDED:

• EverGreen Explanatory Notes
• Knowledge Bureau Calculators
  • Income Tax Estimator
  • Marginal Tax Rate Calculator
  • Registered vs. Non-Registered Savings Calculator
• Business Asset Tracker
• Electronic Auto Log
• Auto Log Summary/Auto Expense Worksheet
• Business Plan
• Daily Business Journal
• CCA Schedule
• Home Workspace Calculator
• Clawback Thresholds Calculator
• Income Splitting Worksheet
• Essential Tax Facts Sheets

MARKS ALLOCATION: