Income Tax - Update

CPD Hours: 7 |

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Income Tax - Update
Income Tax - Update

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Summary

     

    Overview:

    The passage of another year means not only a new tax season but also new amendments to tax laws. Although this course won’t save participants from another year of paying taxes, it will provide a high-level summary of tax law changes in the past year. This course examines current changes and relevant issues in taxation that affect individuals and most businesses in the private sector.

    Learn how the current levels of personal and corporate tax rates affect and possibly change accepted tax planning techniques.

    A review of the current integration of personal and corporate tax rates is provided. The proposals from the Federal Budget, as well as other sources of information from the Department of Finance and the Canada Revenue Agency (CRA), including news releases, draft legislation, CRA technical interpretations, and tax cases, are discussed together with other particular subjects of current relevance and interest. Course coverage will be largely restricted to changes in the last year.

    Note: Due to the nature of this course and the wide range of topics covered, none of the topics are covered with in-depth material. The intent is to provide knowledge and awareness of the recent tax changes. One or more of the topics may be covered in more detail in other available courses.

    Note: Due to the nature of this course and the wide range of topics covered, none of the topics are covered with in-depth material. The intent is to provide knowledge and awareness of the recent tax changes. One or more of the topics may be covered in more detail in other available courses.

     

     

     

    Course Content:

    In this course, you will gain knowledge about the following topics:

    • Tax rate changes/integration
    • Update of rules dealing with the taxation of private companies, passive investment income, income splitting, small business deduction, etc.
    • Federal budget (2023)
    • Taxation of employment income/benefits
    • Business income/deductions
    • Capital transactions and shareholder issues
    • Partnerships/trusts/charities & NPOs/deferred income plans
    • International tax issues
    • CRA administrative matters and new matters
    • Provincial and territorial update including applicable provincial and territorial budgets

     

     

    Learning Objectives:

    Upon completing this course, you should be able to:

    Provide relevant, current tax advice to clients and stakeholders

    Prepare personal and corporate tax returns with knowledge of recent developments

    Complete tax planning arrangements/positions taking into account current issues

    Be confident that they are “up-to-date” with their tax knowledge

     

     

    Who Will Benefit: 

    Those who need current information to advise clients, deal with the CRA, and who want to update their existing knowledge of income tax issues to incorporate developments in the past year. As the course focuses only on recent developments, it is best suited for members who take the course annually.

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