Corporate Tax Handbook: T2 Return Preparation for Small Business Clients: Part 2

It is important to our practices and our clients that we are aware of the many pitfalls and traps that lie waiting for us, many of which are hidden, that can result in serious adverse tax implications and consequences.

This is where the Corporate Tax Handbook 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 private enterprises and their shareholders.

This course is organized and delivered in six modules designed to provide you with a wide depth of the practical issues you will encounter in your corporate tax practice. Case examples will be provided to take you through the T2 preparation process from start to finish. The course is presented using the following approach and methodology:

1. Preparation Tips, Tricks & Traps – Best practices and methodologies on reporting and completing the corporate tax returns  covering areas that are often overlooked or misunderstood by many practitioners
2. Tax Advisory & Problem Solving – How to deal with common and risky situations that do not have easy answers or solutions. CRA guidelines and a number of Court Cases are analyzed and presented to help you formulate a filing position that can be defended at the highest level on any tax return you prepare.

The following is a synopsis of the modules and topics covered in this 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 – Finally understand the complexities and nuances of the relatively new RDTOH and passive income regime. 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?

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 discussed at which point they will be  quickly reviewed.

Speaker: Ian DiNovo, CPA, CGA, Director of Canadian Tax Academy