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Formats:
Live Online
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Duration:
39 hours
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Registration Fee:
$870
Start Date
Overview
In this introductory income tax course, students explore the field of professional tax preparation services for individuals and self-employed business owners. Students discover how to apply the principles, rules, and guidelines that govern each type of T1 tax filing. Students are exposed to fundamental income tax topics, including individual taxpayer rights, taxpayer obligations and requirements. Students learn to analyze records of taxable income, compute the necessary information to produce T1 tax returns. Students will learn to use CRA approved personal tax software.
Learning Objectives
By the end of this income tax course, students will have demonstrated the ability to determine and prepare everything that an individual and self-employed business are required to file for income tax purposes. To achieve critical performance, students will have demonstrated the ability to:
- Research provincial and federal legislation concerning income taxes
- Identify the rights and obligations of taxpayers and the CRA as they relate to the Income Tax Act
- Identify and calculate specific income and deductions from employment, business and property revenue sources
- Distinguish between personal, business, property, investment and other income
- Differentiate between the type of tax filing required for individuals, Self-Employed Businesses and Corporations
- Identify the appropriate situations and supplies which require an application of the HST
- Calculate and apply the principles and skills related to Input Tax Credit and differentiate between taxable vs exempt and allocation items
- Describe and explain the difference between employees vs contractors vs consultants
Topics Covered in The Income Tax Course
- Background and Theory of Taxation
- Taxpayer Rights and Obligations
- Employment Income
- Basics of Individual Tax Filing
- Income from Business Activities
- Income from Property
- Income from Capital Gains
- Harmonized Sales Tax
- Contractors and Commissions
Instructor*
Wasim Ismail
Wasim (MBA, CP) holds a Masters in Business Administration and has over 17 years of valuable family business experience, combined with 10 years of e-commerce experience. He is a Certified Public Accountant and Certified Bookkeeper who has been active in the accounting field for over 20 years. Ismail is passionate about education and has taught accounting and business at various colleges from 2005 onwards. He is an expert in tax planning and has successfully run his own private accounting practice since 2008.
*Subject to change without notice
Who Will Benefit From The Course
- Internationally-trained accountants or individuals wishing to begin a career in accounting and taxation
- Those who are already in the field of accounting, who want to increase their knowledge
Dates
Live Online
Part Time:
- May 28, 2021 – August 20, 2021
- Students must devote at least 3 hours per week to attend live webinars
- Webinars will be held on Fridays from 4:00 to 7:00 pm PST
- Outside of live instructional periods, students will be expected to take part in various independent and/or group activities
Required Materials
Introduction to Federal Income Taxation in Canada, bundled with Study Guide, R.E. Beam and S.N. Laiken, CCH Canadian Ltd., 40th Edition (2019 – 2020), ISBN 9781773790374.
Fees
The registration fee for this course is $870.
Technical Requirements
Live Online Students
Ashton College uses web conferencing tools to help instructors and students connect and collaborate live online. For the online classes, students need to have a fully functional computer system with a webcam, speakers and microphone or headset and headphones, along with a reliable high-speed internet connection. Though the classes can be accessed using smartphones and tablets, we recommend using a laptop or desktop computer for a better learning experience.
This course does not require approval by the Private Training Institutions Branch of the Ministry of Advanced Education and Skills Training. As such, it was not reviewed.
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