Chapter 11 – Computation of Taxable Income and Tax After General Reductions for Corporations
- Review components and tax payable for a corporation
- Basic corporate tax for all corporations
- Deductions and credits available.
- Liability for tax and how to determine residency.
- Rules for computing net income for tax purposes and taxable income.
Chapter 12 – Integration for Business and Investment Income for a Private Corporation
- Small business deduction
- Active vs. inactive business
-Types of corporations
- Personal services corporations
- Associated corporations
Chapter 12 continued – Integration for Business and Investment Income of a Private Corporation
- Refundable taxes on investment income
- Refundable dividend tax on hand
- Dividend refunds
- Eligible dividend designations
- Quiz 1
Chapter 13 – Shareholder-Manager Remuneration and Tax Planning for the Owner-Manager
- Decision to incorporate
- Choice of remuneration for owner/managers
- Salary versus dividends
- Shareholder benefits and loans
- Quiz 2
Term Test #1 (Chapters 11-13)
Chapter 15 – Corporate Distributions, Winding up and Sales
- Distribution of corporate surplus
- Paid up capital
- Types of dividends
- Winding up a corporation
- Sale of an incorporated business.
- Business valuations
- Asset vs. shares
- Tax shelters
Chapter 16 – Rollovers on Transfers to a Corporation and Pitfalls
- Detailed rules and uses of S85.
- Depreciable and non-depreciable property.
- Choice and allocation of elected values
- Other issues and pitfalls.
- Section 22 election.
- Quiz 3
Chapter 17 – Other Rollovers and Use of Rollovers in Estate Planning
- ITA 85.1 share for share exchanges
- ITA 86 reorganizations.
- Estate freezes
- Wind ups
- Quiz 4
Term Test #2 (Chapters 15-17)
Chapter 18 - Partnerships
- Nature of a partnership
- Joint ventures and syndicates
- Income, losses and tax credits for partnerships
- Allocation to partners and partnership interests
Chapter 18 Continued – Trusts and Estate Planning
- Establishing a trust
- Types of trusts
- Taxation of trusts
- Rollovers to trusts
- Allocation to beneficiaries
- Use of trusts in tax planning
- Quiz 5
Chapter 20 – GST/HST
Chapter 19 – International Taxation in Canada
- Non resident liability for tax
- Part year residents
- Withholding taxes
- Cross border transactions
- Cross border reporting requirements
- Quiz 6
Final Exam (Chapters 11-19)