Canadian T1 Personal tax preparation guide

Learn to prepare a Canadian T1 personal tax return using tax software, including setting up a new client and family profile, non-refundable tax credits, and planning opportunities.

Learn to prepare a Canadian T1 personal tax return end-to-end using tax software, following a seven-step process from client setup to credits, deductions, and planning opportunities, with practice cases.

Navigate the tax prep D1 software to create and roll forward client files, use form manager jump codes to access applicable federal forms, and e-file returns with diagnostics.

Walk through a married couple with a dependent filing a Canadian T1, covering income, deductions, credits, donations, childcare, and medical expenses in Ontario.

Understand common investment income slips, including T3, T5, D5, and T5013, plus RRSP withdrawals and tuition slips, and reconcile brokerage and auto-fill data to avoid double counting.

Explore non-refundable tax credits in Canada, including the 15 percent federal credit and basic personal amount, with transfer and carry-forward rules explained.

Continue with the same case study, add Sarah as a dependent, enter tuition and disability credits, report dividends and foreign income, and optimize donations and medical expenses.

Explores salary versus dividends planning for a Canadian T1 personal tax return, using credits, RRSP deductions, donations carryforward, and child care deductions to minimize tax.

Learn how Schedule 3 reports capital gains and losses from real estate, shares, and funds. Understand principal residence rules and the lifetime capital gains exemption.

Learn how to carry back a capital loss against capital gains in the last three years after disposing of public company shares, using Schedule 3.

Explore the lifetime capital gains exemption for shares of a qualified small business, including eligibility criteria and holding periods, and how it can be multiplied through family ownership and trusts.

Understand ABIL as a 50% deduction against all income for small business shares or debt, with arm's-length rules and a 10-year carry-forward.

Explains the capital gain reserve for unrealized proceeds, allowing deferral of gains over up to five years, with a formula-based calculation and annual income inclusion.

Explore investment income cases, including spousal attribution, spousal loans, getting charges, and foreign dividends, and learn how to report the amounts and apply the foreign tax credit.

Explain how RRSP contributions are tax deductible, compare RRSP, TFSA, and options like the Home Buyers Plan and lifelong learning plan, and note unused deduction room and penalties.

Explain how to claim employment expenses on form B777, differentiate commission versus salaried employees, and apply the COVID-19 home office deduction of $400 with no employer signature required.

Learn how to claim the child care deduction for expenses incurred to earn income, focusing on the lower-income spouse, eligibility rules, required receipts, limits, and exceptions.

Explore moving expense deductions for relocating to a new work location or post-secondary in Canada, with a 40 km rule, covering travel, items, meals, and former residence costs.

Learn how to prepare the Canadian T1 for self-employed, unincorporated business income, including GST registration thresholds, deductible expenses and home office deduction, and partnership reporting.

Learn to prepare rental income and expenses for three properties, including a basement-rented principal residence, and analyze tax implications of selling property three, including recapture and capital gains.

Learn to roll forward data, attach notes and schedules, and use review marks and diagnostics in Canadian T1 personal tax preparation software, including downloading from the CRL website.