T2 - Step-by-Step Guide to Prepare T2 using TaxPrep

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.

Course overview:

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