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.
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 they 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
The following associations have approved this course for continuing education credit. Credit may also be available from those associations with no formal approval process.
CMTNB, CMTNL, CMTPEI, CRMTA, MTANS, MTAS
NHPC - 5 Credits; CMMOTA - 2.25 Credits; MTAA - 2.25 Secondary Credits; MTAM - 4.5 Primary Credits; MTWPAM - 2.25 Secondary Credits
Employees vs. Contractors
Sole Proprietorship
Partnership
Corporation
Introduction to the Balance Sheet and Income Statement
Accounting Methods
FREE PREVIEWWhat does a write off do?
Types of Expenses
The Canada Revenue Agency
Understanding Tax Brackets
FREE PREVIEWEligible Expenses (Part 1)
Eligible Expenses (Part 2)
Case Study: Personal Income Tax Return
Key Takeaways
Quiz
References
After successful completion of this course, you will receive a course certificate stating that you've completed 4.5 hours of online training.
Jordan Pierson, CPA, CA