Practical Strategies and Solutions for Tax Planning in Small Business Practice.
This comprehensive course provides an in-depth understanding of tax planning for small businesses, with a focus on optimizing tax efficiency. It covers the challenges faced by small business owners when determining business vs personal expenses and assets, and strategies for tracking automobile expenses, dealing with taxable benefits, and shareholder benefits and loan issues.
The course begins by discussing the different types of income, including active business, investment, and employment, and how to calculate active business income. It explores the advantages of active business income for Canadian-controlled private corporations and the criteria for the small business deduction, which causes reduced taxes payable.
To optimize tax efficiency, the course covers key considerations for taxation of active business income, including deductible business expenses such as home office expenses, travel expenses, entertainment expenses, and vehicle costs. It also highlights the criteria that must be followed to ensure that these expenses qualify for deductions and how professionals can help their clients track and deduct eligible business expenses.
Furthermore, the course explains the differences in tax obligations between employees and contractors and the responsibilities of corporations in paying salary, net of payroll deductions, and remitting them to CRA. It also explores strategies for minimizing tax liability on investment income, including capital gains, non-capital losses, and shareholder loans.
The course also covers the common challenges faced in advising clients on expenses and assets, including the nuances in criteria to consider when advising on expenses and assets, maintaining proper documentation and support to track financial performance, and balancing business operations and organizing records.
By the end of this course, students will have the skills and knowledge necessary to plan and manage small business taxes effectively.
This course will be relevant to small business owners, accountants, bookkeepers, and tax professionals who want to optimize tax efficiency for themselves and their clients.
1 activity • 1 videos • duration: 2h
President | Suria Professional Corporation
Sarah Suria, a chartered professional accountant (CPA, CA) has over 15 years of extensive experience providing accounting and tax services to private entities. Her experience includes serving clients in the real estate and construction industry to registered charities and franchise restaurants. Sarah recognizes the importance of delivering exceptional client service and identifying and resolving critical issues faced by her clients. Sarah stays current on the latest trends and issues facing corporations in the private sector facilitating the sharing of industry best practices.
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.
Wonderful presentation and person is knowledgeable
Very well presented and touched on a lot of topics that are key for managing clients and ethical practices. Very knowledgeable as well.
Very detailed discussion!
yes, it helps a lot
