ASPE accounting course online

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Accounting framework: ASPE and IFRS in Canada

   Decide whether ASPE or IFRS applies before building statements, because that choice drives recognition, notes and creditor expectations.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Accounting framework: ASPE and IFRS in Canada

   Decide whether ASPE or IFRS applies before building statements, because that choice drives recognition, notes and creditor expectations.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Chart of accounts: Canadian SME chart of accounts mapped to ASPE statements

   Keep GST/HST, payroll, income tax and ASPE statement captions in separate ledger streams.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Chart of accounts: Canadian SME chart of accounts mapped to ASPE statements

   Keep GST/HST, payroll, income tax and ASPE statement captions in separate ledger streams.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates.

Apply ASPE accruals, allowances, deferred revenue and contingencies in practical private-company language.

CAD

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Accounting cycle

   Move from bank and sales entries to adjusted trial balance with GST/HST, payroll and deferred revenue reconciled.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates.

Apply ASPE accruals, allowances, deferred revenue and contingencies in practical private-company language.

CAD

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Accounting cycle

   Move from bank and sales entries to adjusted trial balance with GST/HST, payroll and deferred revenue reconciled.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Record capital assets, depreciation and tax class tracking without confusing ASPE carrying amount and CCA schedules.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Fixed assets and depreciation

   Record capital assets, depreciation and tax class tracking without confusing ASPE carrying amount and CCA schedules.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Record capital assets, depreciation and tax class tracking without confusing ASPE carrying amount and CCA schedules.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Fixed assets and depreciation

   Record capital assets, depreciation and tax class tracking without confusing ASPE carrying amount and CCA schedules.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates.

Apply ASPE accruals, allowances, deferred revenue and contingencies in practical private-company language.

CAD

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Accruals, prepayments and provisions

   Apply ASPE accruals, allowances, deferred revenue and contingencies in practical private-company language.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates.

Apply ASPE accruals, allowances, deferred revenue and contingencies in practical private-company language.

CAD

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Accruals, prepayments and provisions

   Apply ASPE accruals, allowances, deferred revenue and contingencies in practical private-company language.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Inventory and valuation

   Review cost, write-downs and gross margin before tax and lender reporting.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Inventory and valuation

   Review cost, write-downs and gross margin before tax and lender reporting.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

Bridge accounting income to T2 schedules and keep provincial/federal tax balances traceable.

CAD

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Tax in the accounts

   Bridge accounting income to T2 schedules and keep provincial/federal tax balances traceable.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

Bridge accounting income to T2 schedules and keep provincial/federal tax balances traceable.

CAD

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Tax in the accounts

   Bridge accounting income to T2 schedules and keep provincial/federal tax balances traceable.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Payroll accounting reconciles gross wages, CPP/QPP, EI, income tax withholding and employer contributions by province.

Post CPP/QPP, EI, withholding and employer costs in a way that matches payroll remittance reports.

CAD

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Payroll accounting

   Post CPP/QPP, EI, withholding and employer costs in a way that matches payroll remittance reports.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Payroll accounting reconciles gross wages, CPP/QPP, EI, income tax withholding and employer contributions by province.

Post CPP/QPP, EI, withholding and employer costs in a way that matches payroll remittance reports.

CAD

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Payroll accounting

   Post CPP/QPP, EI, withholding and employer costs in a way that matches payroll remittance reports.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Financial statements: balance sheet, income statement, cash flow statement

   Build ASPE balance sheet, income statement, retained earnings/cash flow where needed and notes.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Financial statements: balance sheet, income statement, cash flow statement

   Build ASPE balance sheet, income statement, retained earnings/cash flow where needed and notes.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Filing calendar

Filing body: Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs. · Financial year 2026

1. Close

   Due: Year end

   An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

2. Tax review

   Due: After close

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates.

3. Filing

   Due: Statutory deadline

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Filing, audit and obligations: CRA, provincial registries, securities regulators where applicable

   Track corporate tax due dates, GST/HST returns, provincial registry requirements and review/audit needs.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Filing calendar

Filing body: Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs. · Financial year 2026

1. Close

   Due: Year end

   An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

2. Tax review

   Due: After close

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates.

3. Filing

   Due: Statutory deadline

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Filing, audit and obligations: CRA, provincial registries, securities regulators where applicable

   Track corporate tax due dates, GST/HST returns, provincial registry requirements and review/audit needs.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Financial statement analysis

   Analyse liquidity, working capital and taxable-income quality for Canadian private corporations.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Financial statement analysis

   Analyse liquidity, working capital and taxable-income quality for Canadian private corporations.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Qualifications and career paths: CPA Canada

   Connect the course to CPA Canada financial reporting, public practice and private-company controller work.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.

Worked accounting practice

An Ontario consulting corporation closes 31 December with HST receivable, deferred retainers, CPP/EI accruals and ASPE revenue cut-off.

1. 1

   Qualifications and career paths: CPA Canada

   Connect the course to CPA Canada financial reporting, public practice and private-company controller work.

2. 2

   Local close controls

   Federal corporate tax is 15% after the general tax reduction and 9% for CCPC income eligible for the small business deduction, before provincial rates. GST/HST rates depend on place of supply: 5% GST in non-participating provinces, 13% HST in Ontario, 14% HST in Nova Scotia and 15% HST in other participating provinces.

3. 3

   Result

   Corporations file the T2 return within six months after tax year-end; balances are generally due two months after year-end, or three months for qualifying CCPCs.