Understanding the Impact of Recent Reforms on Individuals and Businesses Through Detailed Analysis of Personal Credits, Corporate Tax Changes, and Strategic Planning Techniques
This course provides an insightful overview of the recent alterations and additions to the Canadian tax system as announced in the 2023 budget and subsequent draft legislation. It delves into a variety of new tax rules, credits, and reporting requirements, emphasizing their effects on individuals and businesses. Through a series of modules, participants will gain a comprehensive understanding of these changes, their applications, and the planning strategies required for effective tax management.
Course Topics:
Personal Credits • Existing personal credits and deductions. • Increased trades tools deduction: criteria, calculation, and application.
Alternative Minimum Tax (AMT) • Basics of AMT and its modifications. • Case studies illustrating AMT calculations under new rules.
Corporate Tax Credits • Overview of existing corporate tax credits. • New tax credits for clean energy investments and their applications.
Tax on Share Buybacks • Understanding share buybacks and the new tax implications. • Calculating the new tax on share buybacks for case scenarios.
Intergenerational Transfers • Comparing existing rules with new options for business transfers. • Case studies exploring intergenerational transfer strategies.
Employee Ownership Trusts • Concept and benefits of employee ownership trusts. • Tax implications and case studies.
General Anti-Avoidance Rule (GAAR) • Understanding GAAR and its recent amendments. • Risk assessment and case study analysis.
Underused Housing Tax (UHT) • 1% tax on vacant or underused housing: definition, measurement, and compliance. • UHT calculations through practical examples.
Trust Reporting • New disclosure requirements for express trusts. • Filing obligations and penalty avoidance strategies.
Mandatory Disclosure • Expansion of reportable transactions and compliance requirements. • Identifying reportable transactions and uncertain tax treatments.
Notable Mentions • Overview of other relevant tax changes and updates. • Practical application of various tax topics in case studies.
Throughout the course, participants will engage with real-life scenarios and case studies, ensuring a practical understanding of how these changes apply in different contexts.
Clearline Consulting provides practitioners and their staff with the tools, training and advice they need to succeed and build thriving accounting firms. From tax compliance to estate planning, file monitoring to assisting with practice review, staff training to customized consulting solutions, our team exists to serve the needs of small to mid-sized public practice firms across Canada. Our collaborative, integrated approach means your firm has access to and support from knowledgeable practitioners who are in front of the ever-changing standards environment. Our core services include supporting firms with the implementation of the quality management standards, external file monitoring, services for accounting, assurance and taxation maters, provisions of templates and resources, practice management and risk mitigation consultations.
Tax Partner, Clearline Consulting CPA
Shane is a Tax Partner at Clearline Consulting and Clearline CPA. As such, he primarily focuses on income tax planning, reorganizations, and succession planning for Canadian owner-managed businesses in various industries. He received his Bachelor of Commerce degree from the University of Northern BC and obtained his CA designation in 2003. Shane started his accounting career in 2000 by working for a large international accounting firm for approximately ten years in their Prince George, Calgary, and Burnaby offices. Shane worked an additional five years for a mid-sized accounting firm located in Surrey, before opening his own accounting and tax practice in Surrey which operated for four years. Now as Clearline Consulting’s Tax Partner, Shane will be assisting practitioners with their client’s tax compliance, planning and corporate restructuring needs.
Provincial regulators of CPAs in Canada do not require that independent providers of CPD be approved to offer courses. Instead, individual CPAs are responsible for assessing whether a CPD activity meets their requirements, and may take activities from any source provided those requirements are met.
Every course offered on LearnFormula is delivered by a qualified subject matter expert or learning organization, and advances learning objectives that are relevant to the responsibilities or professional competencies of Canadian CPAs. All activities on LearnFormula are quantifiable in terms of hours, and are also verifiable, in that users receive documented evidence of their attendance via a certificate of completion after finishing a course (and this certificate is stored by LearnFormula indefinitely). Nearly 100,000 Canadian CPAs successfully satisfy their CPD requirements via LearnFormula on an annual basis.
