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2024 Personal Tax Update - Preparing 2024 T1 Returns
PART 1 - GENERAL OVERVIEW OF 2024 TAX BRACKETS, CREDITS & OTHER IMPORTANT NUMBERS
Introduction to 2024 T1 update and how this update course is developed and presented (7:46)
DOWNLOAD COURSE MATERIAL - PowerPoint Slides and PDF's of Presentation
How to study tax and keep up to date with taxes - Annual process (6:41)
Studying Provincial tax in conjunction with Federal taxes (5:46)
A review of the Federal tax brackets for 2024 and other tax and levies (4:41)
Using tax software to review and study tax changes annually - Experiment (6:38)
Looking at the Federal non-refundable tax credits for 2024 and the Taxtips website (5:15)
Overview of the payroll taxes - CPP and EI rates for 2024 returns (4:47)
Overview of the 2024 Employment withholding taxes for Quebec residents (3:01)
Comparing the top marginal tax rates by Province for 2024 (3:35)
Overview of other important numbers for 2024 returns - Automobile rates, RRSP, TFSA. Etc (4:44)
PART 2 - OVERVIEW OF THE 2024 FEDERAL BUDGET - PERSONAL TAX MEASURES
Overview of the 2024 Federal budget and what it means to personal tax practitioners (2:13)
Increases to the Firefighters and Search and Rescue Volunteer Firefighters credit (2:26)
Changes to the Canada Child Benefit credit due to death of children (3:27)
Increase to borrowing limit for RRSP Home Buyer-s Plan (3:03)
Consultation requested from stakeholders on qualified investments in registered accounts (4:26)
Canadian Entrepreneurs’ Incentive - Program details and conditions (8:16)
Increase to the Lifetime Capital Gains Exemption on QSBC shares (2:36)
CCA PROGRAM PHASE-OUTS- The phase-out of the AIIP rates starting in 2024 (3:59)
CCA PROGRAM PHASE-OUTS - Phase-out of the immediate expensing rules for 2024 (4:00)
CRA demands for information are being strengthened and given more teeth (6:50)
PART 3 - INCREASE TO CAPITAL GAINS INCLUSION RATE
SCHEDULE 3 - A detailed overview of the new sections and parts of the Schedule 3 for 2024 (7:00)
SCHEDULE 3 - CRA releases the new Schedule 3 for the 2024 T1 filing year (3:59)
CAPITAL GAINS 2026 & FUTURE - The biggest change for future years - Increase in capital gains inclusion rate (7:02)
The hard numbers - How much of a tax increase are we really talking about across the Provinces (3:59)
Who will be affected by this new increase to the inclusion rate (5:43)
Potential strategy for claiming the lower inclusion rate with a reserve (6:17)
PART 4 - ALTERNATIVE MINIMUM TAX (AMT) - NEW RULES 2024
What is the Alternative Minimum Tax and what do the new changes mean (4:53)
The AMT framework and how it works on current year and future personal tax returns (5:17)
How the new AMT is changing and what the calculation does in the background (8:58)
A brief look at the difference of the old vs the new AMT rules in various situations (6:15)
PART 5 - NEW T776 & SHORT-TERM RENTAL EXPENSE DENIAL RULES
NEW FORM T776 - Update to the T776 Statement of Real Estate Rentals form to calculate non-deductible expenses (6:41)
SHORT TERM RENTALS - New restrictions on short-term rental income properties such as Airbnb (6:37)
NEW FORM T776 - Simple example to illustrate the flow of information and reporting requirements (6:08)
PART 6 - OTHER AREAS OF INTEREST IN THE PERSONAL TAX LANDSCAPE
CRA AUDITS & REVEIWS - Where the CRA is focusing audit activity according to the experts - (8:23)
CRA AUDITS & REVEIWS - Registered account FMV being reported and monitored by CRA (4:43)
REAL ESTATE AUDITS - CRA provides an updated list on the areas they focus on in real estate (7:15)
GROSS NEGLIGENCE PENALTIES - But I asked the CRA what to do and they changed their mind (5:02)
CRA MY ACCOUNT - Don-t rely on the CRA AutoFill or My Account without reviewing (5:58)
SOCIAL MEDIA INFLUENCERS - Income reporting and focusing on unreported income not aware of (4:56)
CONCLUSION
Conclusion and downloading your certificate for this update (2:05)
CAPITAL GAINS 2026 & FUTURE - The biggest change for future years - Increase in capital gains inclusion rate
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