Canadian Personal Income Tax T1 Return

Name: Canadian Personal Income Tax T1 Return
Rating: 4.1 (43 reviews)

T1 Canadian Personal Tax

Created byBig 4 CPA, CA

Last updated 1/2021

English

English [Auto],

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.

Course content

8 sections • 22 lectures • 4h 58m total length

2020 T1 Presentation Slides & Case Studies0:03
Introduction to the course - Preparing a Personal Tax return24:31
Learn to prepare a Canadian personal tax return from start to finish using profile tax, covering setting up a new client and family profile, income, deductions, credits, and year-over-year comparison.
Navigating through Canadian Personal Tax software - Profile T1 Tax14:24
Navigate profile tax to create a new file, carry forward returns, and use form explorer to enter income, deductions, credits, and schedules for the T1 return. Use autofill and audit.
Completing Client's Profile and Identification - Family members, kids, dependent11:53
Complete the identification form with legal name and residency status. Identify province of residence to determine provincial and federal taxes and discuss foreign property reporting and e-filing.
Case Study 1 - Working couple, young kids, childcare deduction, donation credits32:33
This case study walks through a simple married couple with dependents, applying childcare deductions, donation credits, and medical expenses to prepare a T1 return.
Common tax slips - T4, T5. T3 etc.3:44
Learn about common tax slips, including T4, T5, and T3, and how mutual funds report dividends, capital gains, and foreign income, with broker statement reconciliation and Autofill my return.

In-depth Review of All Non Refundable Tax Credits - Donation, Medical credits1:04:30
Explains how nonrefundable tax credits differ from deductions, details the 15 percent base rate, and clarifies transferability, carry forward, and claim order for medical, donation, and other credits.
Case Study2 - Tax Credits: Tuition transfer, Disability Tax Credit for dependent16:36
Explore case study two on tax credits, transferring a dependent's tuition to a parent and determining who claims the disability tax credit, with donation and dividend considerations.
Case Study - 4 - Salary vs. Dividend mix - Tax modelling and scenarios27:33
Explore salary versus dividend planning in a Canadian tax model case study, examining carryforwards, childcare expenses claimed by the lower-income spouse, and scenario-based tax optimization.

Case Study 5 - Reporting of Capital Gain/Loss on disposition of capital property5:08
Explore schedule three and how to report capital gains and losses from disposing capital property, including real estate, shares, and mutual funds.
Case Study 6 -Preparing T1A - Request to carry back Capital loss to prior 3 year3:42
Learn how to carry back a current-year capital loss to three preceding years using form T1A, review prior-year taxes, and obtain a signed request for provincial refunds.
Case Study 7 - How to report and claim Life-time Capital Gain Exemption on QSBC8:18
Explore how to report and claim the lifetime capital gains exemption on qualified small business corporation shares. Understand the 24-month holding period and active business criteria in Canada.
Case Study 8 - How to claim and report Allowable Business Investment Losses6:34
Explore allowable business investment losses and their treatment against all income, including arm's length debt and shares in small business corporations, with the 50 percent deduction and carryforward rules.
Basic overview of Capital Gain Reserve and a simple example4:52
learn how the capital gains reserve allows tax on uncollected proceeds over five years. see a simple example using uncollected proceeds and a formula to compute the reserve.
Case Study 9 - Reporting Investment Income & carrying charges - Spousal loans16:06
Explore reporting investment income and carrying charges, including eligible and ineligible dividends, foreign income, and spousal loans, with careful attention to attribution and tax credits.

Case Study 11 - Employment expenses and Preparing T7777:55
Moving Expenses1:57
Claim moving expenses when relocating for new work or post-secondary study, meet the 40 km rule, and deduct from employment income, including travel, transporting and storing items.
Childcare Deduction3:26
The childcare deduction lets the lower income spouse with earned income claim eligible childcare expenses to earn income, within limits and receipts, with exceptions for the higher income earner.

Requirements

Basic business acumen and motivation

Description

Preparing 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

Canadian Personal Income Tax T1 Return

What you'll learn

Explore related topics

Course content

Introduction6 lectures • 1hr 27min

In-depth Review of All Non Refundable Tax Credits - Donation, Medical, etc3 lectures • 1hr 49min

Reporting of Capital Gain/Loss on disposition of Real property, shares, stocks6 lectures • 45min

RRSP, TFSA, RESP, HBP and LLP1 lecture • 13min

Employment expenses, Moving Expenses and Child care expense Deductions3 lectures • 13min

T2125 - Self-employment income and Business/Professional Income1 lecture • 11min

T776 – Rental Properties & CCA Restrictions1 lecture • 16min

Final closing remarks and RECAP - Preparing T1 - 7 step process1 lecture • 5min

Requirements

Description

Who this course is for: