The Canadian tax landscape has grown significantly in complexity over the last decade. Add to this the fact that the CRA has become more active and aggressive in its audits/reviews and reassessments and the result is an increased burden placed on the shoulders of tax practitioners.
It is important to our practices that we are aware of the many pitfalls and traps may lie dormant in our tax files. Many practitioners may not be aware of certain tax matters and issues in their files until it is too late.
This is where the Corporate Tax Handbook – Tips, Traps & Hacks comes into play. Ideal for those practitioners in corporate tax and consulting or thinking of starting a career in public practice, the course focuses on the current state of the landscape of corporate tax most relevant to the everyday practitioner dealing with small owner-managed private enterprises and their shareholders.
The following is a synopsis of the topics covered in this course. To better understand these concepts and requirements, a mock corporate group will be presented and followed throughout the entire course.
T2 Return Preparation & Compilations – We begin by examining the T2 preparation process with a review of the relevant schedules including useful preparation checklists. An examination of common filing scenarios and issues will be discussed.
Investment & Passive Income Regime – Get your mind around the complexities and nuances of the relatively new RDTOH and passive income regimes. Real world examples and planning scenarios will be discussed to apply these rules to common client situations.
Owner-manager Compensation & Planning – You cannot separate corporate tax preparation of small business owners from their compensation options and decisions. An in-depth look at some of the challenges and opportunities in tax-minimization strategies and the decision-making process.
Shareholder Loans & Benefits – A highly audited area in the corporate tax landscape and tied in closely with owner-manager compensation. An analysis of recent court decisions will provide you with a road map on how to navigate this increasingly complex and audited area of tax.
Small Business Deduction (SBD) – The SBD is under attack. Governments across Canada are flirting with the idea of removing this lucrative tax deduction. In the meantime, CRA has begun their review of enterprises claiming the SBD. Are you sure your client is eligible for the SBD? We will focus on a recent CRA project in depth – Personal Service Businesses (PSB).
CRA Administration & Assessing – CRA has become increasingly more present in the day-to-day tasks and work load of practitioners. An overview of CRA projects, initiative and important administrative matters affecting your practice.
A good understanding of corporate/personal tax concepts and preparation is required for this course. We will not be discussing any fundamentals unless they are pertinent to the topic being presented.