Registration: Details and link to Register
After successful completion of this course, you will understand:
The criteria used by the CRA to assess whether someone is an employee or an independent contractor
The differences between sole proprietorships, partnerships and corporations
The advantages and disadvantages to incorporation
The fundamental elements of the balance sheet and income statement and the difference between accrual accounting and cash accounting
The difference between operating and capital expenses, and the impact write-offs have on taxable income
Common red flags that may trigger an audit or review by the CRA
How income tax brackets work and why they shouldn't be worried about moving into a higher tax bracket
Which expenses are eligible for deduction
How to file a personal income tax return using TurboTax online
Filing and payment deadlines and when instalment payments are required
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