Protect Your Clients and Your Professional Practice from Unexpected CRA Penalties:
Critical Due Dates and Penalties Associated with all Forms, Elections, and Returns, including defensive strategies (updated for 2018)
The Income Tax Act and Income Tax Regulations impose many late filing and payment penalties. In recent years, there has been a significant increase in penalties assessed on tax professionals as well. The CRA reported that it had imposed $164 Million as a third-party penalty between 2009 and 2016.
This is the most comprehensive course that will assist tax professionals in understanding the crucial due dates for ALL types of Canadian resident and non-resident filing requirements under the ITA and ITR, associated penalties, applying for the waiver under the taxpayer relief program or a Voluntary Disclosure Program (“VDP”). The course will highlight all the changes to the VDP that are effective March 1, 2018.
In-Person Session Dates & Locations
Morning Session
| Date & Time: | November 3, 2018, 8:30 AM to 12:30 PM |
| Location: | 123 Main Street, Mississauga, ON, M1Y 7Y7 |
Afternoon Session
| Date & Time: | November 3, 2018, 1:00 PM to 5:00 PM |
| Location: | 123 Main Street, Mississauga, ON, M1Y 7Y7 |
Webinar
- You can watch a webinar version of this course anywhere, anytime.
- 30-day unlimited access from the date of registration.
- Available year-round to fit your schedule.
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Pricing & Registration
In-Person Seminar:
We offer two separate sessions: a morning session and an afternoon sessions.
Recorded Webinar:
If you are not able to attend in person, register for our recorded webinar.
What Will I Learn?
- How Canadian corporate taxation works from a big picture perspective
- An understanding of common tax terms and acronyms
- How to prepare a complete corporate tax return on CCH TaxPrep using our 7-Step approach
- How additions and deductions are made to Accounting Income and the most common additions/deductions staff accountants will see
- How to report dividends received and paid from and by a corporation
- How to report capital gains & losses on disposition of capital property such as shares, building, vehicles, etc…
- How to request a non-capital and net-capital loss carry back/forward
- How to report capital dividends using TaxPrep
- How to record additions and disposition of capital assets and calculate CCA
- How to record additions and disposition of eligible capital property and calculate CECA
- How to perform basic tax planning using TaxPrep
Who is this course for?
Basic understanding of accounting is idea. Introductory accounting course at a university or college.
Course Outline
1. Overview of the Corporate Taxation system in Canada (Overview)
- How corporate tax works at a CA Firm (from bookkeeping to T2 Returns) – the workflow
- Overall tax framework (Division B, Division C)
- Commonly used tax terms and abbreviations
- Corporate residency
- Who needs to file a Corporate Tax Return (T2)?
- Types of corporation for tax purposes | CCPC's, Private, Public, NPO
2. How to navigate through CCH Corporate TaxPrep – Initial Steps
- How corporate tax works at a CA Firm (from bookkeeping to T2 Returns) – the workflow
- How to request a non-capital and net-capital loss carry back/forward
- How to report capital dividends using TaxPrep
- How to record additions and disposition of capital assets and calculate CCA
- How to record additions and disposition of eligible capital property and calculate CECA
- How to perform basic tax planning using TaxPrep
Course Instructors
Amanda Lee
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Larry Flint
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