Taxation Basics

Course Description

What are the 10 concepts you need to know to do a basic business tax return? Discover what a business owner needs to know and what they are responsible for under the Income Tax Act and the Excise Tax Act (includes GST). Learn what accounts to set up in your accounting records to facilitate the preparation of a tax return so you can minimize the costs of using professional advisors and preparers. Upon completion of this course, you will understand the importance of the four types of income for tax purposes, general rules affecting deductibility of expenses, and be able to gather information required for Reconciliation of Accounting to Taxable Income, Capital Gains, and Capital Cost Allowance (income tax depreciation). This is a concentrated and robust learning experience complete with extensive in-class exercises.

Participant Outcomes

Upon successful completion of this course, you will be able to:

• Understand the importance of the four types of Income for tax purposes
• Understand the basics in determining the deductibility of expenses
• Be able to gather the information necessary to complete Schedules 1, 6 & 8

Course Content

Topics

• Four Types of Income for Tax Purposes
• General Rules Affecting Deductibility of Expenses
• Schedule 1 – Reconciliation of Accounting to Taxable Income ( i.e., golf, meals, non-deductible interest)
• Schedule 6 – Capital Gains
• Schedule 8 – Capital Cost Allowance (i.e., additions, disposals, recapture)