T2 - Step-by-Step Guide to Prepare T2 using TaxPrep
A step-by-step approach to preparing T2 tax returns using TaxPrep T2 tax software for small businesses. This course includes 15 hours of training content including, but not limited to, more than 30 topic-by-topic videos, over 15 case studies, practice cases, simulations, walk-through of real-client examples, textbook, pdf manual, presentation, slides and much more.
Includes Demo Software - TaxPrep T2
Most Comprehensive Online Course on Canadian Corporate Tax & T2 Return Preparation - Focus on CCPC, owner-manager and Small Businesses
UPDATED FOR 2021 - 2022 T2 CORPORATE TAX RETURNS
**Student Version of TAXPREP T2 software is included with the course**
Note - T2 software is for study purposes only
Who Will Benefit:
This course will benefit CPA Members, CPA Students and Professional Accountants who wish to expand or update their Canadian Corporate tax return preparation knowledge using a Taxprep software.
CPA Students Looking for a Job: The course will benefit CPA students who are applying to CPA firms for entry-level positions and are looking to put some relevant experience and technical skills on their resume. If you are a student in tax and accounting and working towards your CPA designation, then this course is intended to fill in the gap between the tedious theory and the real world.
Professionals Looking To Get Into CPA firm: The course will benefit if you are already a professional and looking to change your career. This course will serve as a good refresher and provide all the necessary guidance and skill to make the jump.
Bookkeepers Looking To Offer T2 return services: The course will benefit you if you are a bookkeeper and want start offering T2 corporate tax return services .You probably deal with a number of accountants on year-end T2 tax planning and work. Why not do the T2 tax returns yourself, or at the very least be able to keep up with those accountants and know what’s going on?
Those Looking To Start a Tax Preparation Business: The course will benefit you if you want to start your own tax preparation side business. This course is their first step.
This course provides participants with working/practical knowledge of preparing corporate tax returns for small businesses and CCPCs and various tax schedules commonly used. This course deals with practical issues and deals directly with the layout of the corporate tax return, the forms, and schedules utilized in the preparation of such returns.
Learning Objective and Outcome:
• Learn to prepare a full set of corporate tax returns and various schedules/forms using Taxprep software
• Learn about more than 50 book-to-tax adjustments reported on schedule 1 of the T2 return.
• Learn about setting up Client Profile in Identification form and preparing GIFI Form (balance sheet and income statement)
• How to account for related parties in Taxprep ie.Parent/Subsidiary relationship, control, association, sharing of SBD limit in Taxprep
• How to report dividends received from a connected and non-connected corporation in Taxprep
• How to report capital gains & losses on disposition of capital property such as shares, real estate, and ABIL.
• How to request tax loss carryback/forward & tax loss continuity of net capital losses & non-capital losses
• How to record capital dividends and determine CDA balance using Taxprep
• How to record additions and disposition of capital assets and calculate CCA
• How to record additions and disposition of eligible capital property and calculate CECA
• How to account for investment income i.e interest income, rental income, and foreign income
• You will learn about several ways of performing tax planning using Taxprep
Topics - T2 corporate income tax return
• Preparing T2 - Sch 200, Identification section and importing GIFI - Sch 100, 125,141
• Schedule 1 - Accounting income vs. Taxable income, deductible vs. non-deductible items
• Schedule 2 - Charitable donations and gifts
• Schedule 3 - Portfolio, connected and non-connected dividends received, Part IV tax, RDTOH, and Capital dividends
• Schedule 4 - Capital and non-capital loss carry back request and loss carry forward
• Schedule 6 - Disposition of capital property i.e. shares, bonds, real estate; calculation of capital gain/loss
• Schedule 7 - Aggregate investment income vs. Active Business Income; Additional refundable tax on passive income i.e. interest income & rental income
• Schedule 8 - CCA Classes, Calculation of CCA deduction, recapture, and terminal loss
• Schedule 9 & 23 - Related and Associated Corporations; Sharing of SBD limit
• Schedule 50 - Shareholder Information
Step 1, 2 & 3 - Preparing a T2 Return - Set up Client's Profile/Identification and Entering GIFI (Client's Financial Statements)
Complete Schedule 3 if the company received a dividend income in the year OR if the company paid a dividend out of the retained earnings to its shareholders in the year.
Complete Schedule 4 if the company wants to carryback or carryforward its capital or non-capital losses in the year.
Big Picture Overview and Recap of Schedule 1 to 4 and difference between Net Income for Tax and Taxable Income.
In this video, you will learn about the big picture of Accounting Net Income, Net Income for Tax and Taxable Income.
Complete Schedule 6 if the company realized a capital gain or capital loss on disposition of capital property in the year.
Complete Schedule 7 if the company earned passive income or non-active business income in the year.
Complete Schedule 8 if the company either purchased or disposed of capital assets during the year and to calculate capital cost allowance (CCA) for the year.
This is 2020 UPDATE
Complete Schedule 9 if the company is related or associated with another Corporation.
Complete Schedule 23 if the company is associated with another corporation and therefore it must share the small business deduction (SBD) limit of $500,000 with the other corporation.
Complete Schedule 50 to report the company's Shareholders information.
"The course provides hands-on experience that is the most important part for me."
"Excellent course for the basic T2" - I love It
"I felt it was very useful. Looking forward to taking more courses with you guys."
"Very useful and precise content and delivered very effectively."
"Excellent instructor, handout materials and audiovisual instruction"
"I liked the well-organized case studies and clear demonstration. "
"Very information and detail. loved contents and steps by step learning to the various tax issue."
"I happy and very satisfied. You made it very easy to learn and understand. you are a great tutor. I am moving to the next course T1. I wish I have done this earlier. Thank you"
"very detailed and clear. very useful. I really enjoyed it"
"It was a very hands-on practical course with lots of exercises. I really enjoyed taking the course and would definitely recommend to my friends who wants to go in public practice field"
"I love the course, I feel Dividend and investment income topics are much helpful "
"The course is well explained and very practical. I also like that we can contact the instructor anytime and he has always replied in a timely way."
"I really enjoyed this course as I needed to refresh my knowledge and skills in T2 prep. I will definitely look into other courses as I appreciated the way your course was performed and covered. Thank you!"
"ITS SO NICELY THOUGHT, THE VIDEOS ARE VERY EXPLANATORY, PLUS YOU HAVE ACCESS TO THE INSTRUCTOR WHEN EVER YOU HAVE AN ISSUE."
"The course materials cover all the tax issues that we will come across in work. And the solution is very detail and helpful."
What People Are Saying About Us
Meet our happy clients and find why our course is the preferred choice.
"Excellent training - I found the hands-on practical experience very very useful"
"Very useful and practical courses, the instructor is very knowledgeable. Will definitely recommend to all CPA students"
"The courses were very well structured and organized. Keep up the good work! I'd love to attend more sessions"
"The step by step video tutorial is easy to follow and the case study that required marking and feedback. Overall a Brilliant Course!!"