One of the most frequently asked questions I get as a CPA Exam Coach is what types of Finance and Tax topics can be tested in Core 1.
Common Tax topics to know for Core 1
Here are some of the common Tax topics you should know for Core 1:
- Tax income/payable – individual
- Tax income/payable – corporation
- Destructibility of expenses(eg home office, meals, moving expenses, etc.)
- Common business expenses DISALLOWED
- Common business expenses ALLOWED
- Employee vs Contractor
- Property Income
- Sales tax (GST/ITC) rules and deadlines
- Employer provided automobile – standby charge
- Employer provided automobile – operating benefit
- Pros/cons of incorporating
- Salary vs. Dividends
- Filing and payment deadlines
- Notice of assessment/reassessment
All Tax topics that can be tested
The full list of Tax topics that you will be tested on are listed in the CPA Canada Competency Map.
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