Tax Courses
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INCOME TAX PREPARATION COURSES
Students who want to learn to complete tax returns can enroll in one of our three tax preparation courses:
Tax 1 – Personal
Tax 2 – Self-Employed /Small Business
Corporate Tax.
Each of our tax courses is taught by an industry-experienced instructor, who will teach the CRA laws and regulations to complete tax returns. Students will apply the laws and regulations by using hands-on exercises plus the PROFILE tax software to complete a tax return.
INCOME TAX COURSE 1
This course focuses on personal tax returns. Students will learn to differentiate between federal and provincial Schedules, Forms, and Slips.
Students will enter tax taxpayer information into PROFILE tax software including:
- Income using slips: T4’s, T4E, T4RSp, T4A, T4A(P), T4A(OAS), T5007, Other Income, Tips, Investment Income (Stocks), Pension Splitting
- Tax credits using schedules: Medical, Rent, Donations, Moving, Tuition, Child Care, Caregiver
- RRSP Contributions: RRSP, Home Buyers Plan (HBP), Lifelong Learning Plan (LLP), Carry Forward, Carry Backwards / Used, Spousal
- Dependants: Parents, Spousal/Parnter, Children, Infirmity, Grand Parents.
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INCOME TAX COURSE 2
This course focuses on Self-Employed Business tax returns. An individual is considered to be Self-Employed if their business is registered as a sole-proprietorship or partnership. This course does NOT consider a corporation.
A Self-Employed Business tax return is filed is an addition to a Personal Tax return. Students will enter the taxpayers business information into PROFILE tax software using T2125 form:
- Income: Business, Professional, Rental, Investment
- Business Expense: Administrative, Operating, Taxi, Truck Drivers
- Capital Cost: Capital Cost Expense, Capital Cost Allowance (CCA), Capital Gains/Loss, Equiptment, Furniture
- Investments: T5, Investment, Canada Savings Bond (CSB).
CORPORATE TAX COURSE (CT2)
Individuals who want to enroll in Corporate Tax training must have knowledge of business accounting.
Students will follow the guidelines set out by the Canada Revenue Agency (CRA) to complete a Corporate tax return. They will use hands-on exercises plus PROFILE tax software to enter the organization’s information into a T2 form, to file a Corporate tax return.
Exercises will focus on companies that are defined to be retail, manufacturing, wholesale, logistics and non-profit.
To complete the T2 return, you will need an organization’s Trial Balance, Income Statement, and Balance Sheet. From these statements, students will use the organization’s Revenues, Cost of Goods Sold, Expenses, Inventory Balances, Depreciation and Retained Earnings to complete the Corporate tax return. Students will work with Carry-Forwards and Carry-Backwards.