Ultimquest Knowledge

This is a fast paced course on the preparation of T2 personal tax returns for those who have a good knowledge or understanding of introductory corporate tax concepts. We take the knowledge you have gained from introductory corporate tax courses or industry knowledge and put it to work in a “bootcamp” style delivery.

This course is perfect for accountants looking to get into corporate accounting, tax preparation or public practice. You will see the process of completing a year-end for a typical client file. As corporate tax is a vast topic this course will focus on what is the “bread & butter” of small tax practices … the small business corporation and client.

What you will learn?

• The operations of a working tax practice and the differences between the personal and corporate tax preparation business, software considerations, and the process of gathering critical information about clients.
• Overview of the most common forms and schedules you will encounter when preparing tax returns for small business clients and their corporations.
• A look at the step-by-step instructions on a number of scenarios that will enable you to see how the T2 return is compiled from typical transactions you will encounter with clients.
• Analysis of investment income inside corporations and the break down the complex rules into digestible concepts and components. We focus on them by analyzing the typical transactions you will be required to book for those small business clients who also earn investment income. I take you through all the pertinent investment income schedules you will need to file as part of the T2 return process.
• A comprehensive example of a small engineering firm so that you can get a grasp of the overall process from beginning to end.