Personal Tax (T1) Course

Canadian Personal Tax Course – Leverage Theory with Practical Real-World Guidance

This Canadian tax course is designed for those who are just starting to practice Canadian tax as a professional. Preparing Canadian personal tax returns can seem pretty complicated. But, did you know that if you study & learn about 20% of Canadian tax law, you will be able to prepare about 80% of personal tax returns? Most Canadians have relatively simple tax matters. After this training, you will learn everything you need to know to prepare the majority of tax returns you will come across.

In this course, you will be able to look over the shoulder of a professional accountant with years of tax preparation experience, and thousands of tax returns under his belt. Better yet, he will provide you with practical, real-world examples and issues that you will encounter in your everyday life and practice.

Course Overview

The personal tax course responds to the need to prepare students to help Canadian individuals to fulfill their tax obligations honestly and on time. There is a pressing need to prepare knowledgeable tax professionals to fill leadership roles in tax management. The course will prepare students for accurate completion of personal tax returns using current tax software. Using a variety of methods including tax cases, lectures, and internet research, students will be able to prepare a comprehensive personal Canadian tax return using a professional tax software program. Basic principles of tax planning and compliance with relevant tax legislation and regulations are stressed in the course. The course will provide opportunities to master the new Canada Revenue Agency (CRA) technologies that are significantly challenging to individuals.

Learning Objectives

After completion of the course, you’ll be able to understand federal and state tax laws, conduct a thorough taxpayer interview, offer tax advice, and comply with ethical and due diligence obligations for tax preparers.

Tax planning to maximize tax refund

Child support and spousal support
All about RRSPs rules, contribution limit
Profession fees and union dues
Childcare 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

Personal Tax Course Curriculum

Introduction to Canadian Personal Income tax
Navigating through Profile T1 Tax Software
Deadlines for filing personal tax returns
Completing Client's Profile and Identification - Family members, kids, dependents, parents, grandparents
Working with common T-slips ((T3, T4, T4A, T5, T4RIF, T4RSP, T2202A, T5013)
In-depth review of all non-refundable tax credits
Salary vs. Dividend - tax modeling
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
Investment Income & carrying charges
Schedule 9: Donations and gifts
Schedule 11: Tuition and education amounts
T2125#: Statement of business activities
T2125#: Statement of professional activities
T776#: Rental income
T777: Employment expenses
T778: Childcare expenses
ABIL: Allowable business investment loss
Loss: Net capital losses
Loss: Non-capital losses
Reporting and Taxation of Capital Gain/Loss
Lifetime Capital Gain Exemption and QSBC shares
All about RRSP, TFSA, RESP, HBP, LLP, and RDSP
Support: Support payments

Upon successful completion of this course, students will have demonstrated the critical thinking abilities to:

prepare a personal tax return from start to finish.
set up a client file and navigate through the profile tax
Report the different types of income
Understand tax deductions and tax credits
Identify and claim non-refundable tax credits
Claim non-refundable tax credits (public transit, donations, medical expenses, tuition, textbook and education amount, interest on government-provided student loans, etc…)
Work with various T slips; employment income, investment income (interest, dividends) & other income
Understand the common T-Slips, and report capital gains & losses on the disposition of capital property such as shares, buildings, vehicles, etc.
Report investment income
Report deductions such as professional fees, carrying charges, childcare, moving expenses, and RRSP
Report employment expenses
Report self-employed business income and expenses
Report rental income and expenses
Amend T1 and request loss carry back
Navigate between Canada Revenue Agency and software resources available

Who Will Benefit From The Course?

The target audience for this course is internationally trained accountants, or individuals wishing to begin a career in accounting and taxation. This course is also beneficial for those who are already in the field of accounting but want to increase or update their knowledge. Accountants who are planning to set up their small CPA firm practice.

So whether you want to learn about tax to minimize your tax liabilities and save a few bucks for your family, or if you want to begin your journey in the rewarding field of personal income tax preparation, then you have come to the right place.

Our personal income tax course is the first step to becoming a tax pro. Gain knowledge and skills required to professionally prepare taxes, and to foster connections that extend far beyond filing a return.

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We’re always ready to listen to your needs and would like to talk about how we can help to grow, it’s depending upon your skills, interest and training level.

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