Canadian T1 Personal tax preparation guide

Descripción

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

Lo que aprenderás

• How to prepare a personal tax return from start to finish
• How to prepare a personal tax return from start to finish
• How to prepare a personal tax return from start to finish
• How to work with various T slips; employment income, investment income (interest, dividends) & other income
• How to create a family profile and identify possible planning opportunities
• 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

Requisitos

• 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.
• People who want to do their taxes.
• CPA Professionals working in accounting firms
• CPA Professionals working in Industry