Accounting and Tax Planning

(CORE TRAINING)

Trainer: No Data

Days: 2

As a business owner or even a proprietor you may not want to become an accountant BUT you should know the basics so you can good decisions regarding your business or personal accounting and taxes. Many people don’t know the 3 main financial statements of a business let alone how to read them. After all the financial statements is the report card of how you are doing financially. Not knowing what they are or how to read them can have devastating consequences. Inadequate tax planning and missed deductions can reduce your net income and impact your personal wealth now and for years to come. Garfield and his team of trained professionals offer personal income tax planning and tax return preparation, as well as accounting and tax services for your business, holding companies, trusts and family foundations.

Some of the more common personal tax issues addressed in this training include:

  • Working inside the 3 tier business structure from a accounting and tax planning perspective
  • Proper disclosure of rental income
  • Disposition of real estate properties
  • Business returns for proprietors and business owners
  • Prior year capital losses and business losses
  • Capital gains exemption(s)
  • Maximizing the principal residence exemption
  • Planned gifting to registered charities
  • Transfer of assets to adult children
  • Bookkeeping, electronic data transfer, financial statement preparation and corporate tax return preparation
  • Annual shareholder and director resolutions, and annual filings
  • Taxable dividends and capital dividend elections for non-taxable dividends paid out of the company’s capital dividend account
  • Tax planning advice looking at the most tax effective way to draw funds from the company, consideration of reorganizations or freezes that may be beneficial given your personal and corporate tax goals, recover refundable income taxes, split taxable income with family members and maximize tax deductions for the company
  • Personal Income Tax Planning
  • The latest in tax legislation and opportunities
  • Canadians with US assets
  • Working with trusts – Annual trust tax planning to maximize the benefit of the trust in the family’s or business overall financial structure.

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