2020: Corporate T2 Return Preparation for Small Business Clients
Will you be preparing 2020-2021 corporate T2 returns? Are you thinking of a career move into public practice dealing with small to medium sized owner managed businesses? Or, are you thinking of supplementing your income by taking on a few bookkeeping and corporate tax clients? If so, then this course was developed and delivered with you in mind.
9 Feb 2021, 9:00 AM
3.5 CPD hours
In this course, we dig into the T2 corporate tax return preparation process for small owner-managed businesses with an emphasis on preparing T2 returns for corporations with 2020/2021 year ends.
The course will be developed and delivered with the following approach:
- A close look at the main challenges faced by practitioners when dealing with owner-managers in the realm of bookkeeping and corporate record keeping.
- A close look at developments over the last 12 months dealing with the COVID-19 situation and how various government benefits and emergency response programs will have to be dealt with in the context of T2 return preparation.
- Examining the T2 corporate return and related schedules as they apply to reporting requirements for small business clients . This will be done by looking at mock client files and examining the progression from receiving client accounting records to financial statement preparation and finally to the T2 return.
- Critical considerations and discussions to have with clients regarding compensation methods and dealing with recent TOSI developments and its effect on small business family tax planning.
- Building a practical understanding of the difference between active business income and investment income. We will demystify all the recent changes with respect to investment income including the new RDTOH pools, SBD grind on passive income over $50,000.
Once you complete this course, you should be comfortable with the T2 tax return process, including the most common forms and schedules, for small owner-managed clients.
About the Instructor(s)
Ian has been in involved in accounting & public practice for over 20 years, where he has consulted with hundreds of businesses and prepared thousands of Canadian personal and corporate tax returns.
Canadian Tax Academy is a unique and innovative learning enterprise dedicated to passing his knowledge and experience to students, new practitioners and others interested in private practice and accounting and bookkeeping businesses through web-based tutorials and courses.
He delivers comprehensive and practical courses and training in the areas of Canadian personal and corporate tax.