Step-by-step guide to preparing T106 information returns - Tips and Traps

  • Accountant
  • CPA (CA)

Published: July, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Why is Form T106 so Important for the CRA?
    3 mins
  • What is Reporting Person
    11 mins
  • Multiple stub-periods - T106
    20 mins
  • Tips and Traps #3 Regulation 102 WHT
    38 mins
  • Tips and Traps #8 Compare with other Schedule
    55 mins
  • Walkthrough of T106 Slip - Part III - Transaction with NR
    72 mins

Course Description

The online continuing professional development course offers an overview of completing T106 - Information Return of Non-Arm's Length Transactions with Non-Residents (T106).

The CPD course will discuss the possible traps and how to identify tax issues with completing T106. 

The online CPD webinar provides a practical perspective on filing T106 forms and what are some of the red flags that can raise a CRA audit. 

The online CPD course also includes walk through of T106 summary and slip.

Key topics covered in this online webinar are:

  • Overview of Form T106 filings requirements and obligations
  • Completing T106 summary form – Section I, II & III
  • Completing T106 slips – Part I, II, III, IV, V & VI
  • How to identify tax issues and exposures when preparing/reviewing T106
  • Traps and Inherent risks with cross-border inter-company transactions
  • Upstream loan tax implications and foreign affiliate dumping
  • Thin capitalization rules and back-to-back loan rules
  • Shareholder loan issue and deemed dividend
  • Withholding tax
  • Payments to non-residents and withholding tax implications
  • Transfer pricing issues - what to look for in a T106?
  • Identify CRA audit red flags when preparing T106?


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Learning Objectives

  • To discuss the importance of Form T106 for the CRA
  • To discuss the filing requirements of Form T106
  • To discuss filing due dates of Form T106
  • To discuss the penalties for late filing, failure to file, false statement or omission
  • To discuss voluntary disclosures in Form T106 filings

Recommended For

  • This online webinar is designed for Canadian CPAs and tax professionals who would like an overview of Canada’s international tax reporting compliance and filing of T106
  • The online CPD course will benefit people who advise corporations on cross-border taxation; provide services to the cross-border client; work at a Canadian or foreign multinational company as a tax manager or director.

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • Chartered Professional Accountant
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1.5 CPD Credit of Taxes for Chartered Professional Accountant (CPA Canada)
  • 1.5 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    1.5
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

Presenter

About Presenter

Big4 CPA

Founder, AK Consulting Inc.

We are a team of Big4 CPA, CA and other professionals. We offer wide range of professional development courses for CPA members relating to Canadian Taxation, International tax, Accounting, Ethics, Business, Workplace Teams & Culture, High Performance, Soft skills, and Personal Development.

We also work with third party content creators to offer unique CPD for our CPA members, such as on latest technology, cyber security, digital marketing. and various other interesting topics.


Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

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