Taxprep T2 - Step-by-Step guide to Preparing T2 Corporate tax return

$299

Taxprep T2 - Step-by-Step guide to Preparing T2 Corporate tax return

A step-by-step approach to preparing T2 tax returns using TaxPrep T2 tax software for small businesses. This course includes 20 hours of training content including, but not limited to, more than 30 topic-by-topic videos, over 15 case studies, practice cases, simulations, walk-through of real-client examples, textbook, pdf manual, presentation, slides and much more.

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Most Comprehensive Online Course on Canadian Corporate Tax & T2 Return Preparation - Focus on CCPC, owner-manager and Small Businesses

UPDATED FOR 2024 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

General Information

Presentation Slides & Case Studies - Taxprep Corporate T2

Taxation (TEXT BOOK/GUIDE) - Reading material

Download TaxPrep T2 demo version for free

Download TaxPrep T2 Corporate tax demo version for free

Step 1, 2 & 3 - Preparing a T2 Return - Set up Client's Profile/Identification and Entering GIFI (Client's Financial Statements)

Set up Client's Profile and Identification and Case Study 1

Preview

Corporate Tax Return Completion Checklist

CORPORATE TAX RETURN COMPLETION CHECKLIST

Step 4 of Preparing a T2 Return - Calculate Net Income on Schedule 1 of T2 return

T2 Schedule 1 - Calculating Net Income for Tax purposes & Case Study 3 to 5

Common Schedule 1 Adjustments with detailed explanations and Sch1 Line Ref

T2 Schedule 1 Common Schedule 1 Book-to-Tax Adjustments

Step 5(a) - T2 Schedule 2 for Donations

T2 Schedule 2 - Donations and Case Study 4 on Donations

Step 5(b) - T2 Schedule 3 for Dividends Received and Paid in the year

Complete Schedule 3 if the company received a dividend income in the year OR if the company paid a dividend out of the retained earnings to its shareholders in the year.

T2 Schedule 3 for Dividends Received and Paid in the year

Case Study 7 in TaxPrep

Case Study 8 in TaxPrep

Case Study 6 in TaxPrep

Step 5(c) - T2 Schedule 4 for Capital and Non-capital Losses

Complete Schedule 4 if the company wants to carryback or carryforward its capital or non-capital losses in the year.

T2 Schedule 4 for Capital and Non-capital Losses

T2 Schedule 4 for Capital loss - Additional Case Study

Big Picture Overview and Recap of Schedule 1 to 4

Big Picture Overview and Recap of Schedule 1 to 4 and difference between Net Income for Tax and Taxable Income.

Big Picture and Recap of Schedule 1 to 4

T2 Schedule 6 Capital Gain/Loss and T2 Sch 7 Aggregate Investment Income

T2 Schedule 8 for CCA, UCC, Recapture and Terminal loss

Complete Schedule 8 if the company either purchased or disposed of capital assets during the year and to calculate capital cost allowance (CCA) for the year.

T2 Schedule 8 for CCA, UCC, Recapture and Terminal loss

Step 4(g) - T2 Schedule 9, Schedule 23 and Schedule 50

Taxprep Corporate - Schedule 9 and Case Study 15

Taxprep Corporate - Schedule 23 and Case Study 16

Taxprep Corporate - Schedule 50 and Case Study 17

T2 Corporate Income Tax Return - Information Gathering Questionnaire

T2 - Information Gathering Questionnaire - Sample