2022-21 Canadian T1 Personal tax preparation guide

The most comprehensive online course on how to prepare Canadian personal tax returns using a TaxPrep T1 Software.

Who will Benefit:

This course will benefit individuals who wish to expand or update their Taxprep T1 tax software working knowledge. Learn how prepare T1 and various tax schedules.  Are looking for a quick refresher on preparing T1, if so this course is for you. Are planning to start a T1 business on the side?

This course is also very useful for:

• People who want to do their taxes.

• New Grads/Co-ops & CPA students who are applying for entry-level jobs at CPA/CA and public accounting firms.

• Freelance Bookkeepers who want to expand their business by providing T1 preparation services.

Learning Objectives

• Learn how to prepare a personal tax return from start to finish.

• How to set up a client file and navigate through Taxprep

• How to create a family profile and identify possible planning opportunities

• How to identify and claim non-refundable tax credits

• How to claim non-refundable tax credits (public transit, donations, medical expenses, tuition, textbook and education amount, interest on government-provided student loans, etc.)

• How to work with various T slips; employment income, investment income (interest, dividends) & other income

• Understanding the common T-Slips (T3, T4, T4A, T5, T4RIF, T4RSP, T2202A, T5013)

• How to report capital gains & losses on the disposition of capital property such as shares, building, vehicles, etc.

• How to report investment income

• How to report deductions such as professional 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

Intermediate Personal Tax Topics

• Preparing T1 – 7 step process

• Identification and client profile

• Working with T-slips

• 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

• Schedule 9: Donations and gifts

• Schedule 11: Tuition and education amounts

Advance Personal Tax Topics

• T2125#: Statement of business activities

• T2125#: Statement of professional activities

• T776#: Rental income

• T777: Employment expenses

• T778: Child care expenses

• ABIL: Allowable business investment loss

• Loss: Net capital losses

• Loss: Non-capital losses

• RRSP: RRSP deduction

• Support: Support payments

Tax planning to maximize tax refund

• Child support and spousal support

• All about RRSPs rules, contribution limit

• Profession fees and union dues

• Child care 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

Who this course is for:

• This course will benefit individuals who wish to expand or update their Taxprep T1 tax software working knowledge. Practitioners who want to learn how T1 and various tax schedules are prepared using Taxprep. CPAs who have been away from public practice for some time, and are looking for a quick refresher on preparing T1. Accountants who are planning to set up their small CPA firm practice.