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Personal Tax Case Studies - Fundamentals
INTRODUCTION & ADMINISTRATION
Introduction to this course and teaching approach used - What you will learn (6:38)
Administration and housekeeping - Certificates - Refund Policy - Emails (6:25)
Discussion of software options and what you'll need to complete these tax returns on your own (7:21)
Evergreen approach to teaching this course - Focus on return preparation regardless of year (4:40)
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)
Build your tax knowledge and create your own cases to answer questions (6:46)
How to approach these cases and how to troubleshoot if your tax return is different (5:41)
1 - SANDRA FARROW: SINGLE PARENT WITH CHILDREN - EMPLOYMENT INCOME
Introduction to Sandra Farrow and overview of her tax situation and starting her tax file (4:47)
Inputting the data and preparing Sandra's return and understanding her tax situation (11:00)
A closer look at Sandra's employment expenses and some what if scenarios (12:43)
An overview of Sandra's tax return and conceptual overview of relevant concepts (13:07)
What if Sandra lived in a different Province - How would her taxes change? (3:36)
How do you approach preparing this tax return for other tax years - What would you look for (7:54)
2 - ELIZABETH & RONALD PAGE: SENIOR COUPLE WITH SPLIT PENSION
Introduction to Elizabeth and Ronald Page - Their tax situation and starting their tax file (3:19)
Important steps to take when you are preparing the tax return for seniors and income splitting (8:42)
Dealing with the sale of the principal residence (7:37)
Overview of the tax returns and conceptual overview of senior tax returns (10:34)
How would the tax return change by Province? Does the pension split amount change? (5:04)
3 - DEEPAK SINGH: INVESTOR WITH STOCK PORTFOLIO & 2 RENTAL PROPERTIES
Introduction to Deepak Singh - An overview of his investor's tax return (6:40)
Starting to enter the data for his return and looking at the investment income and deductions (14:18)
Are we done with the investment income once we have entered the slips and expenses (10:02)
Review and decision making for Deepak's two rental properties (10:26)
Overview of tax credits for Deepak and his parents (7:57)
Review of Deepak's tax return and flow through of information (6:54)
4 - GERARD RATCHFORD: SENIOR WITH FOREIGN INCOME & PRE CALCULATIONS
Introduction to Gerard Ratchfod - Overview of senior's return with 2 property sales (5:36)
Entering the foreign dividends received from the UK company (7:33)
Reporting the rental income and disposition of the rental property (7:40)
Disclosing and reporting of the sale of Gerard's principal residence (6:33)
Review of Gerard's tax return and what he can expect after he files this return (6:07)
5 - THE NICHOLSON'S: TYPICAL FAMILY WITH KIDS IN UNIVERSITY
Introduction to the Nicholson family - Overview of typical family with 2 kids in post-secondary (5:36)
Entering data into tax return and overview of Scott and Tracey-s income and deductions (7:34)
Completing returns and information to two kids in post-secondary education (7:00)
Overview of the tax returns and issues to discuss with Tracey and Scott (7:59)
6 - MARCUS & DOREEN CAPLAN: BUSINESS INCOME & EMPLOYMENT EXPENSES
Introduction to the Caplans - Overview of case involving an employee and self-employed spouse (6:57)
Preparing the tax return and review of Marcus' tax information (17:06)
Preparing the tax return and review of Doreen-s return and Bespoke marketing business statement (12:17)
Focus on Capital Cost Allowace for Doreen's business (7:40)
Overview of other tax credits and completing the returns for Doreen and Marcus (11:48)
Should Doreen payoff her HBP - Is it worth it What if her tax return is filed late (5:54)
CONCLUSION - THANK YOU AND FUTURE UPDATES
Caution when using online tax calculators when doing any sort of tax planning or estimates (7:50)
Conclusion - Thank you and future updates (4:03)
Evergreen approach to teaching this course - Focus on return preparation regardless of year
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