New Sneak Peeks! Help Proprietors with Professional Credentials

The June 15 tax filing deadline for unincorporated businesses is coming up soon. The “gig” economy is a vibrant, growing market - especially for millennials - but many have trouble connecting with credentialed professionals to provide them with sound tax filing and planning advice. Now there is a win-win solution.

Knowledge Bureau is pleased to unveil its newly updated Tax Preparation for Proprietorships course, a certificate program that you can complete in order to shore up professional knowledge and skills in filing these specialized returns in advance of the June 15 self-employed filing deadline.

For a sneak peek, prospective students can discover the fascinating world that unfolds for the unincorporated business leader, who must accomplish two most important goals: to start up and run a profitable business, and understand a new relationship with a formidable partner - the CRA.  Under our system of self- assessment, the burden of proof remains with the taxpayer at all times. This professional course, which is part of the DFA-Tax Services Specialist designation program, will help you keep your own business and that of your clients, on the right side of CRA compliance requirements. Suzanne Beaudoin tells us, "Knowledge Bureau courses are a great way to keep up with current CRA changes and upcoming policies!"

This 30-hour course is practical, making learning much more impactful for busy, adult students. Using student versions of powerful professional software provided by our software partners, you will simulate true-to-life case studies and research the “grey areas” with your invaluable access to EverGreen Explanatory Notes, throughout your study period with us. That’s a full 3 months if you need it.  

In learning professional tax accounting for proprietorships, with this comprehensive certificate course you will gain understanding of the following:

Chapter 1:  Taxation of Income from a Proprietorship
Definition of Business Income; Starting a Business; Tax Forms Required; Reporting Business Income; Inventories; Tax Deductible Expenditures; Non-Deductible Expenditures; Restricted Expenses; Mixed-Use Expenses; Capital Expenditures; Audit-Proofing: Reasonable Expectation of Profit; Sale of Business; Completing Form T2125

Chapter 2:  Reporting Requirements: GST/HST
Definitions; Registration Requirements; Small Suppliers; Voluntary Registration; How to Register; Exceptions to the General Rule for Claiming Input Tax Credits; Claiming GST/HST Rebates; Other GST/HST Transactions

Chapter 3:  Claiming Business Expenses
Operating Expenses; Non-Deductible Expenses; CCA Quick Overview; Non-deductible Advertising; Legal and Accounting Fees; Fines and Penalties; Life Insurance Premiums; Soft Costs; Reserves; Deferred and Prepaid Amounts

Chapter 4:  Transactions Involving Business Assets
Claiming a Deduction for Capital Cost Allowance; GST/HST and PST on Depreciable Assets

Chapter 5:  Home-Based Businesses
Home-Based Enterprises; Claiming the Home Workspace; Special Profiles

Chapter 6:  Hiring Human Resources
Employed or Self-Employed?: Employer-Employee Relationship; Business Relationship; Employee/Self-Employed Status Tests; Partnerships; Hiring Contractors; Source Deductions; The Family Business; Owner- Manager Remuneration – Proprietorships; RRSP Maximization; Income Splitting with Family Members; Funding Family Health Care Premiums; Managing Source Deductions for Employees Who Are Family Members; Reducing Withholding Taxes

Chapter 7:  Inventory-Based Businesses
Inventory; Computing Cost of Goods Sold; Inventory Valuation; Data Entry Tips; Inventory Conversion; Direct Sellers

Chapter 8:  Disposing of and Replacing a Business
The Business as a Capital Asset; Fair Market Value (FMV); Income Splitting; Rules Surrounding Transfers of Assets to Adult Children; Transactions on Cessation of Business; Closing CCA Schedule on Sale or Cessation of Business; Reporting Recapture and Terminal Loss; Reporting Non-capital Gains and Losses; Replacement of Business Property; Foreclosure and Debt Forgiveness; Interest Deductibility

Chapter 9:  Farming and Fishing Enterprises
Introduction to Farming and Fishing Enterprises; Definition of Profit; Commercial vs. Personal Activities; Dealing with Losses; Working in the Grey Areas; Reporting Losses from Farming Operations; Form Filing for the Farming Enterprise; Methods of Accounting; Requirements for Instalment Payments; AgriStability and AgriInvest Program; Farming and the GST/HST; Farmland; Farming Revenue; Farming Expenses; Other Deductions Specific to Farming Operations; Capital Cost Allowance

Chapter 10: Professionals and Partnerships
Introduction to Partnerships; GST/HST Remittance Rules; Transfers to Partnership; Partnership Income and Expenses; Professionals in Partnership; Acquisition/Disposition of Partnership Interests
Enroll before the June 15 deadline for the spring semester and hone your skills before you finalize business filing by the CRA deadline. You can save on tuition, too.  

Remember to take advantage of your “Sneak Peek”: enroll risk -free with your free trial of this valuable addition to your professional toolkit. Earn 2 free CE/CPD credits!

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