What you'll learn
- Learn how to prepare a Canadian T1 personal tax return from start to finish.
- Do it your self - 2020 T1 return for Canadians
- Learn about tax credits and tax deductions to maximize tax refunds
- learn about self-employed tax filings and rental properties.
Requirements
- Basic business acumen and motivation
Description
Preparing 2020 T1 Canadian Personal Tax Return using Profile Tax Software + 15 Case Studies
Learn how to prepare a T1 personal tax return for Canadian individuals from start to finish, including self-employed business, rental properties, employment expenses, RRSP, investments, capital gains and much more.
Preparing personal tax returns can seem pretty complicated. However, most Canadians have very simple tax matters. After completing our course you will be able to complete your own tax returns, or the tax returns for your family or tax clients, with ease. You will learn everything you need to know to prepare the majority of tax returns you will come across.
The course include a link to download FREE demo version of Profile tax software.
Course Description:
How to set up a new client file
How to create a family profile and identify possible planning opportunities
How to identify and claim non-refundable tax credits
How to input various T slips; employment income, investment income (interest, dividends) & other income
How to report deductions such as prof 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
Learning Objectives
Preparing T1 - 7 step process
In-depth review of Non-refundable Tax credits
Learn preparing T1 for Self-employed business, rental properties and investment income
Learn how to report QSBC shares and claim life time capital gain exemption
Learn about RRSP and other deferred tax plans
Learn about childcare deductions, moving expenses, professional dues and support payment
How to claim employment expenses and home office expenses
Learn how to carry back net capital loss - preparing form T1A
Who this course is for:
- Canadian individual taxpayers interested in filing personal taxes themselves
- Do it your self - learn to file your own T1 return
Course content
- 00:032020 T1 Presentation Slides & Case Studies
- Preview24:31
- 14:24Navigating through Canadian Personal Tax software - Profile T1 Tax
- 11:53Completing Client's Profile and Identification - Family members, kids, dependent
- 32:33Case Study 1 - Working couple, young kids, childcare deduction, donation credits
- Preview03:44
Instructor
![Affan Khalid](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 64 64"%3E%3C/svg%3E){kind=avatar}
- 3.5 Instructor Rating
- 1 Review
- 12 Students
- 3 Courses
Affan Khalid's Profile
Chartered Professional Accountant (CPA) and Chartered Accountant (CA) of Ontario
Completed CPA In-Depth Tax Course (Level 1, 2 and 3)
Completing CPA In-Depth International Tax Course
Over 15 years of total work experience in Canadian Domestic and International Tax
4 years of Big 4 experience at the Manager level
Currently a Manager at one of Big 7 Accounting Firm
Instructor at CPA for the In-depth Tax program (Year 1 and 2)
I have ten years of experience providing comprehensive tax planning, consulting and compliance services to both multinationals and Canadian public & private companies in a broad range of industries and sectors. I am responsible for providing Canadian tax advice and compliance services including advising clients on cross-border transactions, mergers and acquisitions, tax planning and compliance, and assistance with Canada Revenue Agency audits. I obtained my Bachelor of Business degree with a specialization in accounting and finance from the University of Toronto.