The most comprehensive online course on how to prepare Canadian personal tax returns using a TaxPrep T1 Software.

Who will Benefit:

This course will benefit individuals who wish to expand or update their Taxprep T1 tax software working knowledge. Learn how prepare T1 and various tax schedules. Are looking for a quick refresher on preparing T1, if so this course is for you. Are planning to start a T1 business on the side?

This course is also very useful for:

• People who want to do their taxes.

• New Grads/Co-ops & CPA students who are applying for entry-level jobs at CPA/CA and public accounting firms.

• Freelance Bookkeepers who want to expand their business by providing T1 preparation services.

  
  

Learning Objectives

• Learn how to prepare a personal tax return from start to finish.

• How to set up a client file and navigate through Taxprep

• How to create a family profile and identify possible planning opportunities

• How to identify and claim non-refundable tax credits

• How to claim non-refundable tax credits (public transit, donations, medical expenses, tuition, textbook and education amount, interest on government-provided student loans, etc.)

• How to work with various T slips; employment income, investment income (interest, dividends) & other income

• Understanding the common T-Slips (T3, T4, T4A, T5, T4RIF, T4RSP, T2202A, T5013)

• How to report capital gains & losses on the disposition of capital property such as shares, building, vehicles, etc.

• How to report investment income

• How to report deductions such as professional fees, carrying charges, child care, moving expense and RRSP

• How to report employment expenses

• How to report self-employed business income and expenses

• How to report rental income and expenses

• How to amend T1 and request loss carry back

Intermediate Personal Tax Topics

• Preparing T1 - 7 step process

• Identification and client profile

• Working with T-slips

• All about Federal Tax Credits

• T1 jacket and Schedules

• Schedule 1: Federal tax calculation

• Schedule 3: Capital gains (or losses)

• Schedule 4: Statement of investment income

• Schedule 9: Donations and gifts

• Schedule 11: Tuition and education amounts

Advance Personal Tax Topics

• T2125#: Statement of business activities

• T2125#: Statement of professional activities

• T776#: Rental income

• T777: Employment expenses

• T778: Child care expenses

• ABIL: Allowable business investment loss

• Loss: Net capital losses

• Loss: Non-capital losses

• RRSP: RRSP deduction

• Support: Support payments

Tax planning to maximize tax refund

• Child support and spousal support

• All about RRSPs rules, contribution limit

• Profession fees and union dues

• Child care expenses and Moving Expenses

• Carrying charges and interest expenses

• Home-Office expense

• Loss carry back and carry forward

• Auto and Travel Expense issues

• Lifetime capital gain exemption

• Capital Assets and CCA-depreciation