Learning Outcomes

After successful completion of this course, you will understand:

  • The criteria used by the CRA to assess whether someone is an employee or an independent contractor

  • The differences between sole proprietorships, partnerships and corporations

  • The advantages and disadvantages to incorporation

  • The fundamental elements of the balance sheet and income statement and the difference between accrual accounting and cash accounting

  • The difference between operating and capital expenses, and the impact write-offs have on taxable income

  • Common red flags that may trigger an audit or review by the CRA

  • How income tax brackets work and why you shouldn't be worried about moving into a higher tax bracket

  • Which expenses are eligible for deduction

  • How to file a personal income tax return using TurboTax online

  • Filing and payment deadlines and when instalment payments are required

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Course Outline

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.


Approved

CMMOTA - 2.25 Credits

CMTNL - 2.25 Category B Credits

CRMTA - 4 Secondary Credits

MTAA - 2.25 Secondary Credits

MTAM - 4.5 Primary Credits

MTANS - 4.5 Secondary Credits

MTWPAM - 2.25 Secondary Credits

NHPC - 5 Credits

Pending Approval

CMTNBCMTPEIMTAS


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Course Preview

Understanding Income Tax Brackets

Course curriculum

Watch Intro Video

Course Preview

Calculating Business Use of Home Expenses

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.

The Most Essential Business Course for Canadian RMTs