A wide variety of issues are encountered in the preparation of Canadian corporate income tax returns. This course addresses technical and practical issues arising from these diverse issues, to better prepare the participant to prepare and/or review corporate income tax returns. Participants will gain an overall understanding of tax compliance issues, enhancing their ability to prepare and complete an accurate tax return and to identify and address planning opportunities that arise in the preparation of corporate income tax returns.

Tax returns represent a major source of anxiety and confusion for most businesses. In fact, many accountants even experience challenges in negotiating the slippery slopes of income tax preparation. To alleviate such stress, this course addresses the wide variety of issues encountered in the preparation of Canadian corporate income tax returns. You will obtain a broad overview of income tax issues that can impact taxpayers filing corporate returns.

This course provides a comprehensive review of income tax compliance and planning issues relevant to the preparation of Canadian corporate income tax returns, including the technical and practical issues arising from these diverse issues as a means of enhancing your ability to prepare and/or review complete, accurate corporate income tax returns. The precise content of the course depends on class discussion, but you will receive reference materials on all topics.

In addition, the course identifies and addresses planning opportunities that arise in the preparation of corporate income tax returns. However, the course’s exploration of tax planning matters focuses on those that are, or can be, implemented during the preparation of tax returns, rather than broader tax planning (including owner-manager remuneration) undertaken on a proactive basis outside of year-end financial statement and tax return preparation. 

If you are seeking a more detailed review of other corporate tax planning issues you may wish to consider attending Corporate Tax: Review of Tax Planning or other courses focused on specific tax planning topics of interest.

Furthermore, the course excludes discussion about the completion of specific tax return forms due to the constant evolution of these forms and the practical reality that tax returns are virtually always prepared by professionals using computer software.

Topics Include:

• Net income for tax purposes
• Asset transactions
• Taxable income
• Corporate relationships
• Federal corporate taxes
• Administration and disclosure
• Provincial issues

NOTE: This course description has been revised and reflects updates for 2024. If you have any questions, please contact pdevents@cpaontario.ca.

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By the end of this course, participants should be able to:

• Identify and evaluate issues impacting corporate income tax filings.
• Analyze income tax issues for appropriate corporate tax reporting.
• Assess tax planning alternatives arising in the course of preparing corporate income tax returns.
• Assess the appropriateness of the results delivered by income tax software.