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Personal Tax Handbook - Investment Income & Deductions
4.0 - INTRODUCTION TO SEMINAR & ADMINISTRATION
4.0.01 - Introduction to Module 4 - Investment income and expenses (4:44)
4.0.02 - Course note download - Certificates - Questions - Refunds (6:25)
4.0.03 - How the course is laid out and how it works with future updates and content (2:45)
4.1 - REPORTING INVESTMENT INCOME & PRACTICAL ISSUES
4.1.01 - Overview of the challenges of preparing tax returns for investors and investment income (3:48)
4.1.02 - Understanding T-slips and reconciling with the Auto Fill My Return information (4:24)
4.1.03 - Checking to ensure that you have all the investment income properly reported on the T1 (6:43)
4.1.04 - Be aware of the attribution rules and common questions regarding splitting income (6:19)
4.1.05 - Capital gains reporting and issues you may encounter when reporting (6:34)
4.1.06 - The T5008 slip - Analyzing and reviewing the T5008 slips on investment transactions (7:46)
4.1.07 - Loss carrybacks and making sure you are making the correct decision for the client (9:27)
4.2 - INVESTMENT EXPENSES - OVERVIEW & PRACTICAL CONSIDERATIONS
4.2.01 - Overview of deductible expenses including investment fees interest and other expenses (6:39)
4.2.02 - Avoiding reassessments on CRA reviews of carrying charges and other expenses (5:03)
4.2.03 - Court Case - Issue of deductibility of interest when loans from family members involved (4:38)
4.2.04 - Court Case - Deductibility of interest when return of capital distributions are spent (6:20)
4.2.05 - An overview of the issues and challenges when dealing with private company Owner-managers (3:01)
4.2-06 - Private corporations - Can interest be deducted if the shares do not pay dividends (5:53)
4.2.07 - Private corporations - Deductibility of money borrowed to invest in business but non-interest loan (4:41)
4.2.08 - Private corporations - Interest on credit card purchases used for business purposes (4:59)
4.3 - FOREIGN INCOME REPORTING & THE T1135
4.3.01 - Overview of the reporting issues when dealing with Foreign Income and credits (3:23)
4.3.02 - How to deal with and report foreign income and how the foreign tax credit works - an example (10:42)
4.3.03 - Does Meghan have to file the T1135 for this taxation year? (7:10)
4.3.04 - How do we determine if the total cost of specified foreign property was over $100,000 at any point in the year? (6:48)
4.3.05 - Answering some of the most frequently asked questions on T1135 and SFP (7:49)
4.3.06 - What about mixed use properties and people who own foreign properties (3:53)
4.3.07 - Best practices on preparing and filing the T1135 and ensuring completeness (6:46)
4.4 - CUMULATIVE NET INVESTMENT LOSS - CNIL BALANCE
4.4.01 - Cumulative Net Investment Loss - What is the CNIL and who does it apply to? (4:01)
4.4.02 - Overview of the calculation and definition of investment income and expenses (5:00)
4.4.03 - Example of a scenario where CNIL balance will affect CGE calculation (5:45)
4.4.04 - How does the CNIL balance affect the CGE in the year of sale (4:04)
4.4.05 - How do you eliminate a CNIL balance if you are planning to sell (3:26)
4.5 - EFFECTIVE INCOME SPLITTING STRATEGY WITH SPOUSAL LOAN
4.5.01 - Review of the attribution rules and why spousal loans are effective (5:17)
4.5.02 - Case example and tax liability where there is no income splitting (4:38)
4.5.03 - Case example where a spousal loan was implemented in the past (5:09)
4.5.04 - Running various case scenarios through software (5:43)
4.5.05 - Implementing the plan in practice to avoid problems with the CRA (8:26)
4.5.06 - Caution if you are planning to change the rate when rates change (5:59)
4.6 - ALLOWABLE BUSINESS INVESTMENT LOSSES (ABIL)
4.6.01 - Overview of Allowable Business Loss rules and why they are challenging to claim (3:27)
4.6.02 - General review of the ABIL rules - What the personal tax practitioner should know (6:44)
4.6.03 - Common scenarios where there is the possibility of claiming an ABIL (6:40)
4.6.04 - Claiming the ABIL on the T1 return and ensuring you have proper documentation (7:35)
4.6.05 - Surviving the CRA audit and best practices when claiming an ABIL (9:40)
4.7 - TAX ON SPLIT INCOME (TOSI) REPORTING ON T1
4.7.01 - Overview of TOSI and why we are discussing a corporate tax concept in a personal tax seminar (3:59)
4.7.02 - Understanding how TOSI reporting works and what it means to those caught in the web (4:03)
4.7.03 - Examples to illustrate TOSI reporting on the T1206 and the effect on tax liability (4:12)
4.7.04 - Form T1206 & other examples where planning is necessary to mitigate the effects of TOSI (7:40)
4.7.05 - Approach for dealing with TOSI on clients where you are not the corporate accountant (6:01)
CONCLUSION
Conclusion to module 4 on investment income and deductions (1:31)
4.4.02 - Overview of the calculation and definition of investment income and expenses
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