NOTE: This course description has been revised to include updates to the course material for 2021. If you have any questions, please contact pdevents@cpaontario.ca

CPAs in public practice who assist clients with income tax compliance and plans find that even routine matters can have complexities, alternatives and uncertainties..


  • Tuesday, October 26, 2021, 1:00pm - 5:00pm
  • Wednesday, October 27, 2021, 1:00pm - 5:00pm
  • The simplest matters can involve various issues and ambiguities, even in the field of accounting. CPAs who assist clients with income tax compliance and plans find that routine matters can entail complexities, alternatives, and uncertainties.

    This seminar addresses income tax matters that practitioners frequently encounter and demonstrates how income tax rules apply in everyday situations. In order to enhance the practicality of the seminar, the session presents topics as practical issues rather than technical details. After providing general background information for each issue, the seminar emphasizes opportunities, problems, suggestions, and plans for each topic. Many participants take this seminar on an annual basis because the content relates directly to client situations and topics change from year to year.

    Learning Objectives

    After taking this seminar, participants will ideally learn to

    • Evaluate and characterize sources of income and develop remuneration strategies.
    • Recognize, assess and advise on shareholder benefit and loan problems.
    • Identify best practices for expenses/assets with personal and business elements.
    • Discover newsy and notable recent income tax developments.
    • Analyze ethical considerations related to providing tax services to clients.

    Seminar Content

    This seminar incorporates the following topics:

    • Taxation for select sources of income — including active business income, small business deduction, employees vs. contractors, personal services businesses, and investment income
    • Remuneration issues — including salary vs. dividends, bonuses payable, and family member income splitting
    • Expenses and assets with personal and business elements — including meals and entertainment, automobiles, and taxable benefits
    • Shareholder benefits and loans issues — including debit balances
    • Timely and topical practical matters
    • Newsworthy and notable information — including recent developments
    • Challenging ethical situations encountered in tax practice

    Prerequisite Knowledge

    Participants enrolling in this seminar should possess general corporate and personal income tax knowledge.

    Who Will Benefit

    While all tax professionals will gain new insights from this seminar, this session particularly targets practitioners who deal with small and medium-sized owner-managed businesses.