Module 1A: Working Through a Bookkeeping Activity (3 hours)
Format: Recorded Session

In this module, participants will learn the fundamentals of bookkeeping, starting with Excel-based bookkeeping using bank statements. The session will then explore how to enhance efficiency by leveraging cloud-based accounting software such as QBO and Xero.

Module 1B: GST/HST for Owner-Managed Businesses (2 hours)
Format: Recorded Session

• Registration Requirements for GST/HST
• Taxable, Exempt, and Zero-Rated Supplies
• Interprovincial Sales of Goods and Services
• Imports and Exports
• Quick vs. Detailed Method
• Administration of GST/HST

Module 1C: Compilation Engagements – Notice to Reader (NTR) Essentials (3 hours)
Format: Recorded Session

This module provides a structured approach to compilation engagements, covering CSRS 4200 standards, engagement acceptance, and key procedures.

• 1C.1 Understanding Compilation Engagements
  • Fundamentals, Basis of Accounting, and CSRS 4200 Overview
     
• 1C.2 Engagement Acceptance & Planning
  • Criteria and Procedures for Engagement Acceptance, When to Withdraw from an Engagement.
  • Key Steps for Effective Planning.
     
• 1C.3 Completing the Engagement
  • Preparing Financial Statements (Balance Sheet & Income Statement)
  • Essential Templates and Supporting Documentation
     
• 1C.4 Practicing
  • Building on the bookkeeping from Module 1, participants will complete a Notice to Reader (NTR) file, excluding income tax entries (covered in later modules).
  • Participants will also compute GST/HST and complete a return.
  • Illustration using CaseWare and CaseView (concepts applicable to any software).

Module 2: Owner-Manager Compensation Planning & Preparation of T-Slips (3.75 hours)

This module provides a detailed, step-by-step understanding of compensation planning for owner-managers, focusing on dividends, capital distributions, employment income, and tax implications. Participants will explore practical strategies, tax efficiencies, and compliance considerations to optimize compensation structures.

• 2.1 Overview of Dividend vs. Salary with Practical Templates
   
• 2.2 Payout of Eligible vs. Non-Eligible Dividends
  • Dividends and different classes of shares.
  • General Rate Income Pool (GRIP) & Lower Rate Income Pool (LRIP).
  • Part III.1 tax on excessive eligible dividend designations and strategies to avoid penalties.
     
• 2.3 Computation of Employment Income 
  • Taxable benefits including Standby charge and operating cost benefits.
  • Non-taxable benefits under the Income Tax Act.
  • Non-taxable benefits under the CRA administrative policies.
     
• 2.4 Computation of Withholding Tax 
  • Rules for calculating CPP, EI, and income tax on employment income.
  • Remittance deadlines and procedures for submitting CPP, EI, and income tax.
     
• 2.5 Preparation of T4 & T5 Slips
  • Preparation of T4 and T5 slips for the comprehensive case study.
  • Illustration using CCH iFirm (concepts applicable to any software).
     
• 2.6 Compensation Planning and Income Splitting

Module 3A: Comprehensive Analysis of Corporate Income Tax – Part 1 (4 hours)
Format: Recorded Session

• 3A.1 Types of Corporations for Tax Purposes and Related Tax Issues
  • Categories of Corporations and Applicable Tax Rates.
     
• 3A.2 Common Adjustments to Compute Net Income for Tax Purposes – Schedule 1, 2, 6, 8, 13, 15, etc.
  • Common additions and deductions.
  • Deductibility of interest and other financing costs.
  • Overview of capital gains/loss taxation and capital gains reserve.
  • Overview of capital cost allowance (CCA) rules.
     
• 3A.3 Types of Losses for Tax Purposes – Schedule 4
   
• 3A.4 Multi Jurisdiction Issues – Schedule 5
  • Understanding Permanent Establishment Concept.
  • Provincial Residency & Pro-rata tax rate.
     
• 3A.5 Dealing with Debt Forgiveness

Module 3B: Comprehensive Analysis of Corporate Income Tax – Part 2 (4 hours)
Format: Recorded Session

• 3B.1 Dividends Received and Paid – Schedule 3
  • Taxable vs. Non-Taxable Dividends Received by the Corporation
  • Part IV Tax Calculations
  • Treatment of Foreign Dividends (High-Level Discussion on Exempt Surplus and Other Pool Balances)
     
• 3B.2 Aggregate Investment Income Computation – Schedule 7
  • Components of Aggregate Investment Income
  • Overview of Part I Additional Refundable Tax
     
• 3B.3 Dividend Refund 
  • Refundable Dividend Tax on Hand (ERDTOH & NERDTOH)
  • Rules for Dividend Refunds
     
• 3B.4 Shareholder’s Equity – Schedule 50
  • Capitalization of corporation via Debt vs. shares - Pros and Cons.  
  • Paid-up Capital vs. ACB of the shares
     
• 3B.5 Corporate Relationships and Their Impact on Tax Compliance and Planning – Schedules 9, 23, 28
   
• 3B.6 Shareholder Transactions – Schedule 11

Module 4: Completion of Canadian Corporate and Individual Income Tax (3.75 hours) 

This module will be divided into two parts:

Part 1: we will continue working on our case study and apply our knowledge from Modules 3A, and 3B complete the corporate income tax return.

• Illustration using CCH iFirm (concepts applicable to any tax software).

After completing the corporate income tax return, we will record the journal entry to finalize the Notice to Reader engagement.

Part 2: We will continue working on our case study and complete Canadian individual income tax return 

• Illustration using CCH iFirm (concepts applicable to any tax software).

Module 5A: Introduction to Tax Planning for Owner-Managers Part 1 (3.75 hours)

• 5A.1 Investments Through Corporate Dollars
  • Investing in Canadian and US Real-Estate
  • Life insurance as a corporate investment 
  • Taxation of life insurance policies 
  • Transfer of life insurance policies involving corporations and individuals; Tax-free rollovers
  • Issues with life insurance set-ups (valuations, corporate attributions, lifetime capital gains exemption)
     
• 5A.2 Understanding Tax Effective Structures
  • Pros and Cons of having Holding Corporations in the structure including the discussion on section 55 for the intercorporate dividends 
  • Pros and Cons of having Family Trusts including an overview of an Estate Freeze
  • Use of Partnerships in different investment scenarios
     
• 5A.3 Other Investment Issues
  • In-depth discussion regarding principal residence exemption including elections 45(2), 45(3). 
  • Deemed Dividends and their classifications
  • Investment in tax deferral plans
  • Replacement property rules 

Module 5B: Introduction to Tax Planning for Owner-Managers Part 2 (3.75 hours)

• 5B.1 Understanding Commonly Used Re-Organization Provisions of the Income Tax Act
  • 51, 85, 85.1, 86, 87, 88
     
• 5B.2 Overview of Section 85(1)
  • Practical Case Study: Incorporating a Sole Proprietorship/partnership.
  • Journal entries for recording transactions in the books of sole proprietors and corporations.
     
• 5B.2 Administrative Matters in Tax Practice
  • Personal services business (PSB) rules.
  • CRA Notices, Audits, and Objections.
  • Penalty Forms to Watch Out For.
  • Voluntary Disclosures.

Module 5C: Introduction to Tax Planning for Owner-Managers Part 3 (5 hours)
Format: Recorded Session

• 5C.1 New General Anti-Avoidance Rules
   
• 5C.2 New Mandatory Disclosure Rules
   
• 5C.3 Death of a Taxpayer and Post-Mortem Planning:
  • Understanding deemed disposition upon death.
  • Addressing double taxation and strategies like the 164(6) loss-carry back plans.
  • Exploring post-mortem pipeline plans.
  • Implementing the CDA 50% solution to mitigate tax implications.
  • Planning for surviving spouses 
  • Using life insurance as a post-mortem tool Using Corporate Dollars to Fund Life Insurance 

Module 6: Taxation of Trusts and Partnerships (4 hours)

Trusts and partnerships are powerful tools in tax planning and business structuring for owner-managed businesses. This session will cover key accounting and tax implications, including income allocations, compliance requirements, and strategic tax planning opportunities. Gain practical insights on filing T3 and T5013 returns, navigating the 21-year deemed disposition rule, and optimizing tax efficiency for your clients.