Accounting CPA Firm 

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Upon completion of the courses, students can include the following on their resume:

Professional Development Training Certificate from

Preparing Corporate Tax return using Taxprep

  • Learned to prepare corporate tax returns for CCPCs (owner/manager clients) from start to finish using TaxPrep/Profile T2 software
  • Schedule 1 – Accounting income vs Taxable income, deductible vs non-deductible items
  • Schedule 3 – Portfolio, connected and non-connected dividends received, Part 4 tax, dividends received, RDTOH, Capital dividends, eligible and non-eligible dividends paid to corporate and individual shareholders, dividends refund on dividends paid.
  • Schedule 4 – Capital and non-capital loss carry back request and loss carry forward
  • Schedule 5 – Multi-Jurisdiction, determine PE, determine sales and salaries in province with PE
  • Schedule 6 – Disposition of capital property ie. shares, bonds, real estate; POD vs ACB; calculate capital gain/loss; 50% taxable
  • Schedule 7 – Property Income (interest, royalty & rental), Aggregate investment income vs ABI; interest income, rental income, and refundable portion of part 1 tax
  • Schedule 8 – CCA calculations, recapture(proceeds> UCC), terminal loss(proceeds<UCC)
  • Schedule 9 & 23 – Related and Associated; sharing of SBD limit

Preparing Notice to Reader Working Paper files

  • Learned to prepare notice to reader and compilation engagements using working paper software
  • Import client data from Excel and Accounting Software into CW software
  • Setting up a trial balance and assign lead sheets
  • Assign Mapping, GIFI codes and Export adjusted trial balance to Taxprep software
  • Create paperless working paper files using PDF documents and adding comments to the file via annotations, and commentary
  • Create and manage PDF documents and integrate them with a document manager

Preparing Personal income tax return using Taxprep

  • Learned to prepare personal income tax returns from start to finish using TaxPrep/Profile T1 software
  • Income forms: T2125-Statement of Business or Professional activities, T776-Rental income, and T-slips o Deductions forms: T777, T778, spousal support, ABIL, RRSP, and Loss carry back
  • Schedule 1: Non-refundable tax credits and Federal tax calculation
  • Schedule 3: Capital gains/losses on disposition of QSBC, public co. shares and real estate
  • Schedule 4: Statement of investment income, interest and carrying charges
  • Schedule 7: RRSP unused contributions, Transfers and HBP or LLP Activities
  • Schedule 11: Tuition and education amounts and Filing - T1A: Request for loss carry back
  • Other tax planning areas: Interest income and non/eligible dividends, child support and spousal support, RRSPs rules, contribution limit and room, profession fees and union dues, medical expenses, childcare expenses and children fitness program, moving expenses, interest paid on student loans, carrying charges, auto and travel expense; home office expense
  • QSBC shares (SBC, Holding period and FMV test), claiming LTCGE, Alternative Minimum Tax

Technically knowledge in Accounting and Tax from past work experience, university courses, and CPA courses

Accounting Knowledge

  • Retained Earning’s Reconciliation 
  • Investment Continuity Schedule & Gain/Loss on disposal
  • Intercompany account reconciliation
  • Corporate/HST Tax account Reconciliation
  • Dividends Paid to reduce SH Loan Account
  • Bonus Payable to reduce Taxable Income or SH Loan Acct
  • Capital Assets Reconciliation & G/L on disposal
  • Nondeductible Interest
  • Current and Long-term portion of Liabilities
  • Shareholder Loans & Personal Expenses
  • Capitalization of Assets & Amortization
  • Current Tax Provision with Installments/Dividend Refund
  • Issuance of Capital Stock
  • Accrued Liabilities for Current Year expenses

Corporate Tax Knowledge

  • Related, Associated Corp & SBD limit allocation
  • Active Business Income & Investment Income (S7)
  • Shareholder Dividend & Remuneration Planning
  • Capital Gains and Capital Loss on Disposition
  • Dividends Received & Taxable Dividends Paid (S3)
  • Capital & Non-Capital Loss Carryback (S6)
  • CCA Classes and Rates; Terminal Loss & Recapture(1) Sch 1 Adj i.e. CRA Interest, Penalties, Donations

QuickBooks Knowledge

  • Entering Batch Transactions i.e. Cheques, Deposits
  • Entering Bills & Invoices
  • Searching for Invoices, Cheques, Deposits in QB
  • Reviewing General Ledger, Journal Entries
  • Reviewed F/S Account Transactions in Detail
  • Generating Income Statement, Balance Sheet
  • Payroll Remittances and Reviewed PD7A Report
  • Generated Sales Tax Agency Detail Report
  • Receive Payments
  • Reclassified Transactions

Personal Tax Knowledge

  • Download and transfer CRA information slips and other client data from CRA website to Tax Prep
  • Enter information slips provided by clients i.e. T3’s, T4’s, T4A-(OAS), T4A-(CPP), T4E’s, T4-RSP’s, T4-RIF’s, T5’s, T5013, T2200, T2202A 
  • Prepare T2125 schedules and T776 schedules based on information, receipts and supporting documentations provided by clients
  • Enter RRSP contribution slips, professional-union dues, medical expenses, transit pass, charitable donations, childcare expense

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