Corporate Tax - Best Practices

Best Practices for Running a Tax Practice Dealing with the Taxation of Private Enterprises

Are you considering starting a professional tax practice and looking for a glimpse into what you can expect from clients and their tax filing requirements?

Do you want to take your career and knowledge to the next level and get a glimpse into what you can expect in running a day-to-day corporate tax and accounting practice dealing with owner-managed private corporations (i.e. small businesses)?

If so, then the Corporate Tax – Best Practices course is designed and built with you in mind. If you have taken the Introductory Corporate Tax Course here at Canadian Tax Academy, you quickly realize that you have only just scratched the surface in the area of small business corporate tax advisory and compliance services you will be asked to provide.

This course does not only deals with Corporate Tax return preparation, but focuses on a number of tax issues and planning areas related to small, owner-managed businesses. We will examine a wide breadth of critical topic areas including:

  • Options and best practices on dealing with vehicles and the tax implications of owning vehicles in a corporation vs. owning them personally. All the tax various scenarios and options will be examined so that you can ensure you clients get the most from their vehicle deductions.
  • Dealing and managing corporate payroll issues for both employees and owner-managers including employment expense deductions for shareholders and employees, clearing shareholder account balances using bonuses or dividends, and the dangers of paying management fees to shareholders instead of salaries or dividends.
  • The traps and pitfalls inherent in shareholder benefits including the risks involved when shareholders withdraw funds from their corporations without a clear compensation strategy to deal with the amounts withdrawn and other tax trips associated with these transactions. Also examined is the scenario where a shareholder owns a property that it is rented to its corporation (a little know trap that can lead to big problems).
  • Discussions on misconceptions on the frequently asked questions on paying dividends to shareholders from their corporations – Can a corporation pay a dividend if it did not have a profit in the current year? What if the corporation has negative retained earnings (i.e. a deficit)? Best practices and strategies for dealing with dividends as compensation will be reviewed
  • In-depth review of the corporate tax return preparation process including areas to be aware of on certain schedules. This unit is filled with often overlooked areas and common errors made by new practitioners on corporate tax return. Once you complete this unit you will have confidence in your abilities to complete an accurate corporate tax return.

These topics alone could make up a course in itself. But, as is always the case here with Canadian Tax Academy courses, the course goes even deeper and will include a number of modules on the business side of running and managing a corporate tax practice. Once you start a corporate tax practice, you will understand that there is a lot more to it than there is with one that deals with personal tax returns alone. Also covered in this course is the following:

  • Understanding the workflow and processes with corporate tax client bookkeeping and tax compliance. How to gain a solid understanding of the services you will be provided corporate clients and understanding the obligations expected of you, and what you will expect from your clients
  • Building a solid and full proof communication system with all of your corporate clients that will not only keep them on track and off the CRA radar map, but also protects you from having to deal with disgruntled clients who will likely blame you for anything that goes wrong on their file
  • A full unit is provided that will provide you with a blueprint or “franchise prototype” that you can apply to your practice. This unit will show you how to build and implement systems and processes that will have your practice running on cruise control. It will also provide you with some examples of what happens when you try to fly by the seat of your pants
  • The course ends with a very useful module on how to document everything in your practice as a bullet-proof method for protecting yourself from mistakes, oversights, missed deadlines and, most importantly, client misunderstandings.

This course is over 13.5 hours in length and will be yours forever. Once you purchase this course, you will have lifetime access to all the content so you can keep coming back for refreshers. Any future updates to this course will also be included. You only pay the one-time fee now and you will never be charged again, even for future updates no matter how significant they may be.

NOTE ON PREREQUISITES FOR THIS COURSE – Students who take this course should have taken the Introduction to Corporate Tax Course here at CTA or be familiar and have experience in preparing T2 tax returns for small businesses. This course will not review the basics or fundamentals of corporate tax and you will be expected to have familiarity with tax knowledge and concepts in the corporate tax landscape dealing with Private Corporations (i.e. small, owner-managed corporations).

COMPANION COURSES – While not a pre-requisite to take this course, it is highly recommended that you also consider enrolling in our Tax Practice -Risk Management course along with the Navigating Compilation Engagement Course. With this “trifecta” of courses, you will be well-positioned to deal with all aspects of running a smooth and profitable tax practice that is compliance with both tax law and professional accounting standards in the area of Compilation Engagements.

To view the entire course curriculum, just scroll down below. Be sure to click the little “down” arrow to expand the window so you can get a glimpse at all the tutorials that will be available to you in this course.

Start your journey now into the world of corporate tax for small owner-managed businesses.


Your Instructor


Ian DiNovo, CPA, CGA
Ian DiNovo, CPA, CGA

Ian DINovo is a professional accountant and Director of the Canadian Tax Academy. He has been practicing accounting and offering independent financial and business advice for over 20 years.

He is the creator of a number of courses dealing with business, tax and investment matters that are designed to make difficult topics easy to understand for everyone.


Course Curriculum


  MODULE 2 - EXPENSE DEDUCTIONS AND TAX CONSIDERATIONS - BEST PRACTICES
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  MODULE 4 - DEALING WITH CORPORATE PAYROLL & ISSUES
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  MODULE 5 - TRAPS AND PITFALLS RELATED TO SHAREHOLDER BENEFITS
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  MODULE 8 - CORPORATE TAX - ISSUES, PROCESS & BEST PRACTICES
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  CONCLUSION & NEXT STEPS
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Frequently Asked Questions


When does the course start and finish?
The course starts now and never ends! It is a completely self-paced online course - you decide when you start and when you finish. There are no physical classes to attend and you can access the content at any time. If you ever forget a concept or just want a refresher, all you have to do is log in and click on the tutorials to watch them again!
How long do I have access to the course?
How does lifetime access sound? After enrolling, you have unlimited access to this course for as long as you like - across any and all devices you own. Once you register for this course, you will have lifetime access to all the content including all future updates at no additional cost to you.
What if I am unhappy with the course?
We would never want you to be unhappy! If you are unsatisfied with your purchase, contact us in the first 30 days and we will give you a full refund. No questions asked. However, if a certificate of completion is requested and granted, refunds will not be issued even if it is within the 30 days period. (i.e. you cannot complete the course, be granted professional CPD hours and then request a refund).
What is the structure of the course and how is it taught?
The course is presented though a series of bite-sized tutorials. This allows students to do 2 thing. First, they can learn the concepts at their own pace. Second, they can come back and easily find a tutorial when they need a refresher. This also allows the instructor to easily update the course when there are changes.
How often is this course updated?
The course is reviewed and updated, where necessary, on an annual basis to keep up with changing tax legislation. I also update the course with any new budget information that is important to the course content throughout the year when applicable. Once you sign up for the course, you will have permanent access to all the tutorials, including updates. This course is evergreen, which means that it teaches you corporate tax concepts that are applicable to any corporate fiscal year. It is not a course on how to do the investment income schedules for only one particular year.
Is this course eligible for PD credits? Do you issue certificates?
Yes, a certificate of completion can be requested once you complete the course. Once we verify that you have actually watched the tutorial videos in our system, we will issue the certificate via email for your records. This course provides you with 13.5 hours of CPD which are considered verifiable hours for annual CPA CPD purposes.

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