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2023 Personal Tax Update - Preparing 2023 T1 Returns
PART 1 - GENERAL OVERVIEW OF 2023 TAX BRACKETS, CREDITS & OTHER IMPORTANT NUMBERS
Introduction to 2023 T1 update and overview of Federal Budget 2023 personal tax measures (7:39)
DOWNLOAD COURSE FILES - Course presentation slides in PowerPoint and PDF format
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 2023 and other tax and levies (5:09)
Looking at the Federal nonrefundable tax credits for 2023 and the Taxtips website (5:26)
Overview of the payroll taxes - CPP and EI rates for 2023 and new 2023 rates (3:44)
Overview of the 2023 Employment withholding taxes for Quebec residents (2:59)
Overview of other important numbers for 2023 returns - Automobile rates, RRSP, TFSA. Etc. (5:02)
PART 2 - OVERVIEW OF FIRST HOME SAVINGS ACCOUNT (FHSA)
In-depth Overview - First Home Tax Free Savings Account - Lifespan and Withdrawals (6:48)
In-depth Overview - First Home Tax Free Savings Account - Eligibility Contributions (8:39)
In-depth Overview - First Home Tax Free Savings Account - Transfers and spouses (7:46)
In-depth Overview - First Home Tax Free Savings Account - Penalties - Death - Non-residents (5:57)
FHSA REPORTING - A review of the new T4FHSA slip (3:05)
FHSA REPORTING - Reporting deductions to FHSA accounts on the Schedule 15 and T1 return (4:01)
FHSA REPORTING - Withdrawing funds from an FHSA account (7:23)
FHSA REPORTING - How do you take money out of your First Home Savings Account (4:51)
PART 3 - NEW PROGRAMS/LEGISLATION FOR 2023 RETURNS
Residential Property Flipping Rule and Exemptions (6:14)
Multigenerational Home Renovation Tax Credit - Overview and who can claim (6:16)
Multigenerational Home Renovation Tax Credit -Eligible dwellings and renos (8:08)
Schedule 12 - the Multi-Generational Home Renovation Tax Credit (4:41)
Multigenerational Home Renovation Tax Credit - Example of using the Schedule 12 to determine eligibility (7:44)
CANADA WORKER-S BENEFIT - Overview of the program and the RC210 slip for Advance Payments received for 2023 (5:15)
CANADA WORKER-S BENEFIT - Reporting the CWB prepayment on the T1 Return (7:04)
PART 4 - OTHER AREAS INCLUDING THE 2023 FALL ECONOMIC UPDATE
FALL ECONOMIC UPDATE - Short term rental being targeted by government (4:53)
FALL ECONOMIC UPDATE - Commentary on the proposed Short-term rental expense denial proposal (4:23)
CANADA PENSION PLAN - Phase 2 of the CPP enhancement program coming into effect 2024 (10:35)
T5008 SLIPS - What does CRA do with this information and how it can create problems (8:16)
REVISIT T-5008 - Step-by-Step Process to accurate reporting and disclosures on tax return (9:02)
REVISIT T-5008 - Reporting issues and common misunderstandings on T5008 (10:27)
UNDERUSED HOUSING TAX - Update from the Fall Economic Statement - Not a personal tax matter (8:56)
ALTERNATIVE MINIMUM TAX - The upcoming change in AMT regime for 2024 and future years
CONCLUSION
Conclusion, certificates and some important commentary on recent tax complexity (2:57)
Overview of the payroll taxes - CPP and EI rates for 2023 and new 2023 rates
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