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T2 Step-by-step Guide Preparing Corporate Tax Return using Profile Tax T2

  • Accountant
  • CPA (CA)

Published: August, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Preparing Corporate Tax Return
    2 mins
  • Setting up Client Profile
    27 mins
  • Walkthrough - Client Identification General Information
    44 mins
  • Complete GIFI From Client's Financial Stmt
    68 mins
  • Complete Tax Schedules
    83 mins
  • Case Study 5 - Donations
    150 mins
  • Types of dividends
    184 mins
  • Non-eligible refundable dividend tax on hand
    207 mins
  • Summary of Jacket and Schedule 1 to 4
    271 mins
  • Schedule 7 of T2 Passive income and AII
    297 mins
  • Comprehensive Case on Passive income
    376 mins
  • Schedule 9, 23 and 50 of T2
    408 mins

Course Description

This online CPD webinar uses a step-by-step approach for preparing T2 tax returns using Profile T2 tax software for small businesses. This continuing professional development webinar provides CPAs with working/practical knowledge of preparing corporate tax returns for small businesses and CCPCs and various tax schedules commonly used. 

This Tax webinar for CPAs is rich with a number of case studies, practice cases, simulations, walk-through of real-client examples, and pdf slides. After attending this tax CPD course by the expert speaker from Big4CPA, CA the participants will be able to deal with practical issues and deal directly with the layout of the corporate tax return, the forms, and schedules utilized in the preparation of such returns. 

This online CPD webinar for CPAs covers the following Key Topics:

  • 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 carryback 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

*Demo Version of ProFile T2 software is included with the course* - T2 software is for study purposes only and can be used for practicing real-client case studies included in the course material and for hands-on learning.

This online CPD course will benefit CPA Members, CPA Students, and Professional Accountants who wish to expand or update their Canadian Corporate tax return preparation knowledge using Taxprep software.

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Learning Objectives

  • To prepare a full set of corporate tax returns and various schedules/forms using Profile software
  • To explore more than 50 book-to-tax adjustments reported on schedule 1 of the T2 return. 
  • To identify how to set up Client Profile in Identification form and preparing GIFI Form (balance sheet and income statement)
  • To recognize how to account for related parties in Tax preparation i.e. Parent/Subsidiary relationship, control, association, sharing of SBD limit
  • To identify how to report dividends received from a connected and non-connected corporation in Profile T2
  • To explore how to report capital gains & losses on disposition of capital property such as shares, real estate, and ABIL.
  • To explore how to request tax loss carryback/forward & tax loss continuity of net capital losses & non-capital losses
  • To recall how to record capital dividends and determine CDA balance using Profile T2
  • To identify how to record additions and disposition of capital assets and calculate CCA
  • To recognize how to record additions and disposition of eligible capital property and calculate CECA
  • To recall how to account for investment income i.e. interest income, rental income, and foreign income
  • To explore several ways of performing tax planning using Profile Tax software

Recommended For

  • This Online CPD webinar is recommended for CPA Members, CPA Students, and Professional Accountants who wish to expand or update their Canadian Corporate tax return preparation knowledge using a Taxprep software.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Bookkeepers & Accountants & Tax Preparers
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 8 CPD Credit for Chartered Professional Accountant (CPA Canada)
  • 8 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    8
  • 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.
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Ratings and Review

5

1 Ratings

Excellent

1

Very Good

0

Average

0

Poor

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Terrible

0

KH

Kenneth Huang, CPA (CA), CMA, CPA-ON

Jan 1st, 2022

good

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