Understanding the Legal and Tax Implications of Hiring Employees vs Contractors for CPAs and Business Owners
As a CPA or business owner
It's essential to understand the difference between an employee and a contractor and the tax implications associated with hiring them. This course is designed to help you navigate the complex world of employment contracts and business relationships.
Employee vs Contractor Definitions
In the first section, we will discuss the definitions of an employee and a contractor, including the factors that differentiate the two. We will also cover the tax obligations and compliance requirements for businesses hiring employees or contractors.
Tax Implications for Businesses Hiring Contractors
The second section will delve into the tax implications for businesses hiring contractors. We will discuss:
Incorporated vs. Unincorporated Businesses
Next, we will explore the differences between incorporated and unincorporated businesses. We will look at:
GST/HST Registration and Collection
The course will also cover GST/HST registration and collection for both:
Tax Rates
We will explain the tax rates for incorporated and unincorporated businesses, including:
Deductions and Credits for Contractors
Finally, we will examine:
Course Outcome
By the end of this course, you will have a solid understanding of the tax implications for businesses hiring employees and contractors. You will also learn how to navigate the complex world of employment contracts and business relationships, enabling you to make informed decisions that benefit your business.
Topics Include
Professor | Angelo DelZotto School of Construction Management
Ramesh Shah has been a member of the faculty in the Angelo DelZotto School of Construction Management at George Brown College since January 2013. Professor Shah teaches in the Honours Bachelor of Technology (Construction Management) and Diploma Programs. Prior to joining George Brown College, he held senior positions at Canada Revenue Agency. Professor Shah is a highly regarded accounting professional and passionate educator. Drawing on his extensive professional and academic experience, Professor Shah specializes in accounting and financial management of businesses in construction. As a construction business accounting professor, he inspires and motivates students to apply both hard and soft skills to solve real-life challenges in the construction industry. Professor Shah is accredited by the Chartered Professional Accountants of Ontario as a Chartered Professional Accountant. ACADEMIC CREDENTIALS M.B.A., University of Washington, 1972 B.A., Business Administration, University of Washington, 1970 B.Com., M.S. University of Baroda, 1969 AREAS OF SPECIALIZATION Construction Accounting Project Accounting AREAS OF EXPERTISE General Accounting Cost Accounting Financial Management Auditing Income Taxation GST/HST CAREER HIGHLIGHTS 2013-Present – Professor, George Brown College 1986-2012 – Held various positions in the Audit Division, Canada Revenue Agency 1985-1990 – Teaching Accounting, Centennial College 1984-1986 – Accounting Manager, Abinger Investment Properties Inc. 1980-1982 – Tax Auditor, Revenue Canada 1974-1980 – Accountant, Carswell Company Limited OTHER ACTIVITIES Accredited Member – Chartered Professional Accountants of Ontario
PODCAST HOST | LEARNFORMULA
Nicole Pettes is a highly experienced podcast host known for her engaging interview style and ability to draw out the best in her guests. She has hosted a diverse range of podcasts and video interviews that explore a wide variety of topics. Currently, Nicole is a Video Podcast Host with Learn Formula, where she contributes to their professional education series. She also hosts the Anxious & Ambitious podcast, which explores personal growth and mental health, and co-hosts the Podcast Guesting For Profit, which helps entrepreneurs and podcasters succeed as podcast guests.
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.
