Small, growing, and mid-sized companies face a broad array of income tax, GST/HST and related compliance issues. The penalties or tax costs of failing to meet these compliance requirements can be severe. This course helps controllers of private companies stay current on a broad array of income tax, GST/HST and related compliance issues. It covers a range of topics at a general level with specific examples, case studies and practical problems.

Controllers in small to mid-sized private companies have a wide range of responsibilities which can either have an impact on taxation or require tax related reporting. This five-part course is compliance oriented with high level review of a wide range of issues and focus on issue identification. This course includes a review of the basic income tax and HST/GST requirements for human resources, purchases, sales, capital assets and financing issues. Also included is a high-level review of the basic rules for taxable income, basic corporate group issues, alternative entity structures and reporting requirements. 

GST/HST is covered at a basic level. Detailed GST/HST topics and industry specific material are beyond the scope of this course. There is no provincial tax material included in the course.

Topics Include:

• Part 1: Overview
  • Basic income tax and GST principles
  • Overall reporting requirements and due dates
• Part 2: Human Resources Issues
  • Payroll compliance
  • Taxable benefits and allowances
  • Employees vs independent contractors
• Part 3: Purchasing and Sales
  • Purchasing issues, including limitations on deductions, GST/HST and ITC credits, and purchases from non-residents
  • Domestic sales issues, including GST/HST registration, reporting periods, place of supply, and bad debts
  • Sales to non-residents, including export sales, GST/HST, Canada- U.S. Tax Treaty
• Part 4: Capital Assets, Financing, and Automobiles
  • Capital assets and real property issues, including capital vs operating expenses, purchase issues, CCA, GST/HST issues, change of use, and dispositions
  • Financing issues, including expenses in respect to equity, interest and debt, and leasing vs. purchasing
  • Automobiles, and issues for employees who require an automobile to perform their duties
• Part 5: Corporate Taxes, Related Groups, and Alternative Structures
  • Basic items for CCPC income tax, including a basic review of key small business deduction issues, income tax filing requirements, due dates, and penalties
  • Related group issues, including key income tax relationships that are related, associated, and affiliated; key GST/HST relationships that are closely connected and associated; shareholder agreements and related issues; and domestic transfer pricing
  • Key GST/HST relationships that are closely connected and associated; shareholder agreements and related issues; and domestic transfer pricing
  • Alternative structures, including corporations, partnerships, joint ventures, and trusts

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 will be able to:

• Identify the basic income tax and GST/HST compliance requirements for human resources, sales, and purchases.
• Describe the basic requirements for income tax deductibility and the entitlement to GST/HST input tax credits.
• Summarize the income tax and GST/HST considerations for capital asset additions and disposals including the related financing issues.
• Identify Income tax and GST/HST issues that may require additional research.