Featured Course: Tax Planning for Corporate Owner-Managers

Advise private business owners and managers about the best way to manage their compensation to maximize the amount of after-tax income available. Gain a solid understanding of options available when constructing compensation packages, of the salary-dividend-bonus mix to maximize tax efficiency, and of constraints imposed by income tax and other laws so you can provide sound advice to your clients on compensation planning all year long.

“This was an excellent course, one of the best I have taken in the MFA designation program. The course was very challenging and the information contained was valuable to me in my practice. I plan to keep my journal nearby as a reference when required. This is a very valuable course for anyone in private practice.”
– Heather McLeod, Dartmouth, NS

PROGRAM: Business Services Specialist, Bookkeeping Services Specialist

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 including spouse, children, siblings and parents. A professional needs a solid understanding of the options available in assembling a compensation package, and the constraints imposed by income tax and other laws in order to provide sound advice to the employer or client.

CONTENT DESCRIPTION & KEY CONCEPTS:

Acquire the skills required to provide advice on compensation policies for the business owner/manager, with a view to minimizing the total amount of income taxes paid.

CERTIFIED SKILLSETS: The student will understand the different ways in which an owner/manager may draw compensation from an incorporated business including:

• A thorough understanding of the income tax implications of dividends, salary and deferred compensation programs to both the corporation and the owner.
• A basic understanding of the income tax limitations on income splitting.
• A basic understanding of the tools commonly used to split income – salaries, dividends, the use of family trusts and holding companies.
• An understanding of the various forms of deferred income plan contemplated by tax law, including registered and non-registered pension plans, registered retirement savings plans, deferred profit sharing plans, retirement compensation arrangements and salary deferral arrangements.

PRACTICE MANAGEMENT THESIS:  Formal Case Study. The student will apply the knowledge gained in the course to provide budgets and analysis to a sample company.

KNOWLEDGE BUREAU TOOLS INCLUDED:

• EverGreen Explanatory Notes
• Knowledge Bureau Calculators
  • Marginal Tax Rate Calculator
  • Income Tax Estimator
  • Tax-Efficient Retirement Income Calculator

MARKS ALLOCATION: