Business & Income Tax Essentials for RMTs
Who said accounting an income tax couldn't be fun? This course is interesting, but also pretty heavy, so make sure you have lots of snacks and caffeine.
Learning Outcomes
After successful completion of this course, you will understand:
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The criteria used by the CRA to assess whether someone is an employee or an independent contractor
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The differences between sole proprietorships, partnerships and corporations
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The advantages and disadvantages to incorporation
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The fundamental elements of the balance sheet and income statement and the difference between accrual accounting and cash accounting
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The difference between operating and capital expenses, and the impact write-offs have on taxable income
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Common red flags that may trigger an audit or review by the CRA
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How income tax brackets work and why they shouldn't be worried about moving into a higher tax bracket
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Which expenses are eligible for deduction
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How to file a personal income tax return using TurboTax online
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Filing and payment deadlines and when instalment payments are required
Continuing Education Credits
The following associations have approved this course for continuing education credit. Credit may also be available from those associations with no formal approval process.
Pending Approval
CMTNB, CMTNL, CMTPEI, CRMTA, MTANS, MTAS
Approved
NHPC - 5 Credits; CMMOTA - 2.25 Credits; MTAA - 2.25 Secondary Credits; MTAM - 4.5 Primary Credits; MTWPAM - 2.25 Secondary Credits
Course curriculum
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2
Section 1: Employees vs. Contractors
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Employees vs. Contractors
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3
Section 2: Business Structures
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Sole Proprietorship
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Partnership
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Corporation
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4
Section 3: Financial Statements & Accounting Methods
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Introduction to the Balance Sheet and Income Statement
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Accounting Methods
FREE PREVIEW
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5
Section 4: Eligible Expenses
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What does a write off do?
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Types of Expenses
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The Canada Revenue Agency
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Understanding Tax Brackets
FREE PREVIEW -
Eligible Expenses (Part 1)
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Eligible Expenses (Part 2)
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6
Section 5: Income Tax Filing
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Case Study: Personal Income Tax Return
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7
Conclusion
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Key Takeaways
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Quiz
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References
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Course Certificate
After successful completion of this course, you will receive a course certificate stating that you've completed 4.5 hours of online training.
Instructor
Jordan Pierson, CPA, CA
Jordan is a Chartered Professional Accountant and the Director of Education at Jensen CPA. He received his Bachelor of Business Administration from Mount Royal University, and his designation as a Chartered Professional Accountant from CPA Alberta. For 6-years he worked as an auditor and forensic accountant for one of the big four accounting firms. Prior to becoming a professional accountant, Jordan worked for 7-years at a major financial institution, where he gained extensive knowledge about banking and personal finance.