Dates and location
Hours
Dates and location
Hours
Description
Income Classification and ITA Framework is part 2 of 4 of the CPA Ontario Tax Primer. Income Classification and ITA Framework describes how income is identified, categorized, and measured for tax purposes. Learners explore how the Income Tax Act is structured and how tax law is applied in practice, then use these principles to determine business income. The focus is on bridging the gap between accounting results and taxable income in a clear, practical way.
Topics Include:
- Types of corporate income and their tax treatment
- Structure and organization of the Income Tax Act
- Primary and secondary sources of Canadian tax law
- Relationship between accounting income and tax income
- Concept of “profit” under the ITA and common law
- Specific inclusions in business income
- Common deductions and statutory restrictions
- Reconciliation from accounting income to taxable business income
Building on the foundational concepts introduced in Part 1 of the CPA Ontario Tax Primer this part focuses on how income is identified and calculated under the Income Tax Act. To further expand your understanding—by exploring capital assets, property income, capital gains, and corporate tax reporting—proceed to Part 3 and Part 4, where these rules are examined and applied in greater detail.
Unlock learning anytime, anywhere with the Blackboard Learn app
Seamlessly access your on demand courses, assignments, and get PD hours on the go. Learn how to download now and elevate your education experience with the convenience of mobile learning.
Who Will Benefit
- Professionals seeking a practical understanding of how income is taxed in Canada.
- CPAs and finance professionals refreshing income determination fundamentals
- Learners transitioning from theory to applied tax analysis
- Corporate and advisory staff involved in financial reporting or tax planning
- Non tax professionals who need to understand how business income is calculated
Key Takeaways
By the end of this course, participants will be able to:
- Understand how the Income Tax Act works in practice.
- Identify different income types and why classification matters
- Apply core principles to determine taxable business income
- Recognize common adjustments from accounting to tax income
- Be well prepared for capital cost allowance and capital gains topics
Disclaimer
The views expressed in the course are non-authoritative and have not been formally endorsed by CPA Ontario and do not reflect the views of CPA Ontario. The information included in the course if for general information purposes only.
CPA Ontario, the presenters and the authors do not accept any responsibility or liability that might occur directly or indirectly as a consequence of the use or application of or reliance on this material.
How to Access the Course
New mobile learning! Download Blackboard Learn from your app store (iOS or Android). Learn more.
To access the course on your computer please visit our BlackBoard site, and log-in using the same login and password used for the Registration Portal.
Please allow up to 15 minutes after registration for the course to appear on your BlackBoard page.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.
Speaker
Alex Garber, CPA, CA, MTax has been in public practice since 2004, specializing in income taxation for Canadian owner-managed businesses and their shareholders. Alex started his career with Deloitte & Touche LLP in Toronto. He is currently an independent tax advisor, assisting various clients, sole-practitioners and CPA firms in the Greater Toronto Area. Alex has a particular passion for tax education. He is an adjunct professor at the Schulich School of Business at York University, teaching taxation to both undergraduate and master's students, where he has won multiple awards for outstanding teaching. Alex also delivers PD seminars for CPA Ontario and is a frequent speaker at various conferences and training sessions on the topic of income taxation in Canada