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Personal Tax Handbook - Business Income & Deductions
5.0 - INTRODUCTION TO SEMINAR & ADMINISTRATION
5.0.01 - Introduction to Module 5 - Business & Self Employment Income (5:17)
5.0.02 - Course note download - Certificates - Questions - Refunds (6:25)
5.0.03 - COURSE NOTE DOWNLOADS How the course is laid out and how it works with future updates and content (3:53)
5.1 - BUSINESS INCOME REPORTING ON THE PERSONAL TAX RETURN
5.1.01 - Introduction to business income and the areas to look out for as a practitioner (6:41)
5.1.02 - Business income and GST/HST go hand in hand - Some common client misconceptions (4:31)
5.1.03 - Be mindful of cash businesses and ask yourself if the business statement makes sense (4:20)
5.1.04 - How to make the business statement more relevant & useful - Avoid CRA radar as a positive side-effect (6:57)
5.1.05 - The importance of the industry code and why the software keeps warning us to check it (6:36)
5.1.06 - An overview of two GST/HST reporting and avoiding business audit issues arising from HST returns (7:37)
5.1.07 - Overview of vehicle expense deductions and understanding Class 10 vs 10.1 vehicles (8:31)
5.1.08 - Nuances of Class 10.1 vehicles that result in reassessments on CRA review or audits (4:31)
5.1.09 - Business use of home office and ensuring the client is eligible for the claim (7:28)
5.2 - CANADA PENSION PLAN (CPP) & EMPLOYMENT INSURANCE FOR THE SELF-EMPLOYED
5.2.01 - Overview of the CPP rules for self-employed between 60 and 70 (4:36)
5.2.02 - Completing Schedule 8 for those between 60 and 65 (8:42)
5.2.03 - EI for the self employed and opting into the system (4:48)
5.2.04 - Registration process for those who have opted in (2:43)
5.2.05 - Reporting EI premiums on the T1 return and payment of premiums (4:42)
5.2.06 - Some considerations when advising on CPP premiums and EI opt-in (5:48)
5.3 - PARTNERSHIP REPORTING ON THE T2125 & RELATED ISSUES
5.3.01 - Introduction to partnership income for personal income tax purposes (5:12)
5.3.02 - An overview of the reporting requirements for partnerships that need to file the T5013 (4:14)
5.3.03 - A simple example of a typical partnership structure and how it can get more complicated (6:44)
5.3.04 - Filing T2125 business income for partnerships when only doing simple tax returns - Existing (10:37)
5.3.05 - Complicating factors for partnership with difference between accounting and tax - Existing (6:44)
5.3.06 - Example of partnership capital accounts and why they are so important to certain clients (6:45)
5.3.07 - Other areas of partnership income and reporting you will need to be aware of (5:54)
5.3.08 - Claiming the GST/HST Partnership rebate on GST/HST paid on expenses (5:00)
5.4 - THE PLATFORM & UNDERGROUND ECONOMY - TAX & GST/HST REPORTING
5.4.01 - Revisit rules and issues with respect to filing T5018 slip (7:26)
5.4.02 - General overview of the different segments of the platform economy (6:34)
5.4.03 - Tax implications and reporting requirements for various platforms (9:21)
5.4.04 - Understanding the GST/HST implications of the ride sharing platforms (6:05)
5.4.05 - There is a difference between ride sharing and delivery service (4:58)
5.4.06 - Understanding the tax and GST/HST requirements for rental accommodations (7:17)
5.5 - TAX ISSUES DEALING WITH BUSINESS INCOME & RELATED COURT CASES
5.5.01 - Introduction to issues dealing with business income and approach to court case analysis (5:00)
5.5.02.A - Is the business a source of income - Challenging the business acumen of entrepreneurs (6:09)
5.5.02.B - Court Case - Source of income case involving run-off expenses of a law practice (6:02)
5.5.02.C - Court Case - Legal practice where court determined whether there was a source (5:49)
5.5.03 - CRA's recent letter campaign on businesses showing successive losses (6:23)
5.5.04 - Court Case - A geologist trying to claim business losses with no income (8:08)
5.5.05 - Case Commentary - Claiming business expenses when there is no source of income (8:10)
5.5.06 - Court case - Business vs hobby and source of income - home office expenses (11:59)
5.5.07 - Commentary - Make sure to put in home office expenses even though there is a loss (2:54)
5.5.08 - Court case - Interesting case regarding garden care and maintenance (4:44)
5.5.09 - Day Trading - Is day trading considered business or investment income? (6:12)
5.6 - PRACTICING SAFE BUSINESS & SELF-EMPLOYMENT TAX
5.6.01 - A common scenario you may encounter during a business income CRA audit (7:16)
5.6.02 - Recent court case and CRA response to information requested by auditors (4:55)
5.6.03 - How to protect against these unreported income and far reaching business audits (8:07)
5.6.04 - What if the client has inadequate records - what can we do as a tax preparer? (6:10)
5.6.05 - Estimating vehicle expenses when there are no receipts or just to save time (3:33)
5.6.06 - What if the client does did not keep receipts or documents? Are we able to claim deductions? (5:53)
5.6.07 - Useful court case to help navigate client expenses and documentation (10:58)
5.7 - BUSINESS INCCOME - T2125 AND GST/HST SPREADSHEET TOOL
5.7.01 - Downloadable spreadsheet tool - Overview and making it your own (6:06)
5.7.02 - Business income and HST worksheet to help prepare T2125 (5:43)
5.7.03 - How to use the worksheet in your own practice (6:15)
5.7.04 - Things to look out for on the spreadsheet (6:17)
5.7.05 - An example of a client file and using the tool (8:06)
5.7.06 - Some helpful tips on using the spreadsheet and extending it's use (6:09)
CONCLUSION
Conclusion to module 5 on business income (1:17)
5.1.07 - Overview of vehicle expense deductions and understanding Class 10 vs 10.1 vehicles
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