Location: Chestermere, AB
Dates: November 23, 2022 – November 1, 2025
This course will teach RMTs many of the essential business and income tax principles they weren’t taught in school.
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; and
⎯ filing and payment deadlines and when instalment payments are required.