T2 Tax Course for Small Business Features Updates on Morneau’s Tax Changes

On July 18, 2017, Finance Minister Bill Morneau released a series of tax proposals which, if enacted, will have severe repercussions on Canadian private family businesses and their shareholders. Tax and financial advisors need to be aware of these proposed changes and understand what impact they will have on their clients before year end. Knowledge Bureau is pleased to announce it has published a newly revised online certificate course in T2 tax preparation and planning to help advisors get up to speed on the impact of these tax reforms.

The focus of this course — T2 Tax Preparation for Small Business —   is to provide the preparer with an understanding of the business issues and tax options that underlie the taxation of income for Canadian Controlled Private Corporations (CCPCs) so that the return can be prepared accurately, tax is minimized and planning opportunities are identified on a timely basis. In addition, students will learn about the proposals announced by Morneau and what they mean to their clients, and will be kept up to date on whether the government will tweak any of them, or go ahead with draft legislation.

The case studies included in this course are current for the 2017 tax year and provide for a practical learning experience critical to honing skills in this field. Where appropriate, comments have been made regarding the Department of Finance’s July 18, 2017, small business proposals, and a course supplement, Proposed Taxation of Private Corporations, is included to provide more detail and examples illustrating how these proposals will affect businesses.

From a company’s transformation from proprietorship through to corporation, this course will teach you the fundamentals of preparing a T2 return for the majority of small business corporations operating in Canada today. T2 returns in the case studies may be prepared using any T2 software program. For those who don’t have their own T2 software, student versions of the following major software programs are provided: TaxCycle, Intuit Profile and Thomson Reuters Dr Tax. Should students require additional training, Knowledge Bureau also offers the  in-depth T1 Professional Tax Preparation for Proprietorships Course.

CERTIFIED SKILLSETS:

The student will demonstrate competency in the following areas:

1. Identifying accrual and cash basis accounting
2. Understanding retained earnings and the return of capital
3. Differentiating active business income and specified investment business income
4. How to properly report income for tax purposes and reconcile transactions
5. Understanding various schedules most prevalent on the T2 tax return
6. Understanding tax principles for reserves utilized to defer taxes
7. Recognizing the tax consequences for stakeholders on various methods of remuneration
8. Seeing tax planning as an opportunity, as it applies to both corporate and personal integration

Additional educational resources: tax course free trials, Introduction to Personal Tax Preparation Course, CE Summits

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