Udemy
    •  
    •  
    •  
    •  
    •  
    •  
    •  
    •  
Subscribe
Turn what you know into an opportunity and reach millions around the world.
Learn More
Your cart is empty.
Keep shopping
Canadian Personal Income Tax T1 Return
Rating: 4.1 out of 5(43 ratings)
189 students
Created byBig 4 CPA, CA
Last updated 1/2021
English

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
  • 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
  • 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.

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:

  1. How to set up a new client file

  2. How to create a family profile and identify possible planning opportunities

  3. How to identify and claim non-refundable tax credits

  4. How to input various T slips; employment income, investment income (interest, dividends) & other income

  5. How to report deductions such as prof fees, carrying charges, child-care, moving expense and RRSP

  6. How to report employment expenses

  7. How to report self-employed business income and expenses

  8. How to report rental income and expenses

  9. 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

Report abuse