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Last updated: October 26 2022
Corporate Owner-Managers Need Support Around Tax Planning
We are going to feature an ongoing series highlighting certain courses that professionals will find valuable. For the next couple of weeks we are going to spotlight professional certificate courses that are directly related to Year-End Tax Planning. This week’s course is Tax Planning for Corporate Owner-Managers.
Here’s what our graduates thought of their experience and an overview of the program.
“As a general practitioner, I don't always come across the full spectrum of client needs, so I need ongoing education to make sure I can identify client solutions at a higher level of technical proficiency as they arise. This course met these requirements. There is a great deal of new information in the course. I like the way the courses are grouped into topics that can easily be put into practice. The information is applicable to the client market I am attracting. The format of the comprehensive testing is perfect for a busy professional, the EverGreen Explanatory Notes were excellent, and student support was very personal and responsive.”
—Laura F. T., ON
This course has been designed to teach you how to advise private business owners and managers about the best ways to manage his or her compensation to maximize the amount of after-tax income available. You will gain a solid understanding of the options available when constructing compensation packages. These options include salary-dividend-bonus mixes that maximize tax efficiencies for the owner and each family member. As well you'll learn about constraints imposed by income tax and other laws so you can provide sound advice to the employer or client on compensation planning all year long.
Why This is Important
As a result of recent corporate tax rate changes and adjustments to the taxation of dividends, one of the key issues faced by the owner/manager of a private business is how to best manage his or her compensation to maximize the amount of after-tax income available to the family. Equip yourself with a broad understanding of the tax changes as well as the compensation planning options available for the family business and its family members. Then use your knowledge to implement Real Wealth Management™ strategiesto help families accumulate, grow, preserve and transition their wealth over time with proper retirement investment plans.
What You Will Learn
The student will understand the different ways in which an owner/manager may draw compensation from an incorporated business to fund income requirements today and plan for future income in retirement and other transition periods. The student will:
- Have a thorough understanding of recent income tax changes regarding the taxation of dividends, salary, taxable and tax-free benefits, retirement investment planning opportunities, and deferred compensation programs in the corporation and for the owner and family members on their personal tax returns. A basic understanding of family income splitting benefits, opportunities and obstacles.
- How to split corporate income out to family members using salaries & benefits, dividends, family trusts and holding companies.
- How to structure deferred income plans, including registered and non-registered pension plans, registered retirement savings plans, TFSA planning, deferred profit sharing plans, retirement compensation arrangements and salary deferral arrangements.
There are 11 Chapters within this course, which includes:
Chapter 1 | The Taxation of Business Income and Its Integration in Personal Taxation
Chapter 2 | Understanding Family Compensation Requirements
Chapter 3 | Income Tax Treatment of Salary
Chapter 4 | Income Tax Treatment of Dividends
Chapter 5 | Other Compensation Issues – Benefits, Shareholder Loans
Chapter 6 | Income Splitting, Kiddie Tax, Tax on Split Income (TOSI)
Chapter 7 | Basic Issues in Using a Holding Company or Trust
Chapter 8 | Registered Deferred Income Plans
Chapter 9 | Unregistered Deferred Income Plans
Chapter 10 | Planning Pitfalls – the Capital Gains Deduction, CNIL, ABIL's
Chapter 11 | Tax on Split Income (TOSI)
Marking Guide
Quizzes 50%
Case Studies 25%
Final Exam 25%
Passing Grade 60%
CE | CPD Credits
Knowledge Bureau | 30 CPE credits
Bottom Line: 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. Enrol today to increase your understanding of the different ways in which you can advise owner/managers on how to draw compensation from an incorporated business to fund income requirements today and plan for future income in retirement and other transition periods.
Tax Planning for Corporate Owner-Managers course is just one of six courses needed to earn your Corporate Tax Services Specialist Designation.
