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Personal Tax - In-Depth Personal Tax Topics
COURSE INTRODUCTION & ADMIN
Introduction to the course - What is covered in the course and future updates (4:37)
Refund policy - certificates - questions and other administrative matters (6:25)
Notes on how to use the content and the evergreen nature of all the tutorials (3:48)
DOWNLOAD NOTES - PowerPoint and PDF notes on material and guidance on notes (5:20)
A quick note on tutorials, software and the forms you'll see throughout the course (4:11)
EMPLOYMENT EXPENSES - DETAILED OVERVIEW
Employment expenses - T2200 and T777 - REDO (1:59)
Issues with the T2200 and common mistakes made (7:16)
Doing a critical overview of the T2200 before you deduct expenses (8:20)
Vehicle expenses where employee is allowed deduction (6:30)
Example of T2200 where no employment expenses are allowed (8:21)
Commissioned salespeople and additional expense (5:01)
Dealing with specific employment expenses (7:52)
Understanding the GST-HST rebates and the potential risks (8:41)
OAS - OLD AGE SECURITY CONCEPTS, ISSUES & TAX PLANNING
Old Age Security (OAS) Pension - Overview (4:08)
What is the eligibility to receive the OAS? (2:23)
Maximum pensions, calculations and the Guaranteed Income Supplement (GIS) (5:28)
What are the clawback amounts for the OAS? (7:30)
Why is this clawback amount such an important part of our practice? (7:43)
What happens once there is a clawback on the personal T1 return? (6:26)
What to do when there is a year with high income that won't continue? (9:07)
Planning with seniors to avoid the OAS clawback (9:05)
Deferring the OAS to maximize retirement income and minimize taxes (7:51)
INVESTMENT INCOME - ATTRIBUTION RULES & SPOUSAL LOAN STRATEGY
Review of the attribution rules and why spousal loans are effective (5:17)
Case example and tax liability where there is no income splitting (4:38)
Case example where a spousal loan was implemented in the past (5:09)
Running various case scenarios through software (5:43)
Implementing the plan in practice to avoid problems with the CRA (8:26)
Caution if you are planning to change the rate when rates change (5:59)
RENTAL INCOME - RUNNING A RENTAL PROPERTY IN A COMMERCIAL MANNER
Running property in commercial manner and deducting losses (2:55)
Rental income or is it really a cost-sharing arrangement? (5:02)
Rentals below fair market value and rentals to non-arm's length individuals (5:41)
Losses on properties that are being run in a sufficiently commercial manner (4:17)
Court Case - Case with two properties where losses were denied by the courts (6:27)
Court Case - Case with limited rental income but large losses (5:47)
CAPITAL GAINS & LOSSES - PERSONAL USE PROPERTY
Overview of the issues with Personal Use Property (3:45)
Personal Use and Listed Personal Property Rules (4:20)
Listed Personal Property and how it differs from PUP (2:50)
Examples showing how to calculate Personal Use Property Gains (3:35)
Where the CRA can look into PUP rules and how them come up in an audit (5:43)
DEDUCTIONS - DEDUCTING INTEREST ON PERSONAL TAX RETURNS
Interest deductions on personal tax returns (1:47)
Overview of the rules on interest deductibility on various accounts (4:59)
The legal obligation to pay interest (4:12)
Reasonableness on interest expense and non-arm's length borrowing (4:32)
Funds must be directly used to earn income - record keeping (5:31)
Intricasies with the property and the ability of property to earn income (5:47)
DEDUCTIONS - ADDITIONAL COMPLEXITIES WITH DEDUCTING INTEREST
Interest deductions - Additional compexities (1:43)
Court Case - Return of capital on mutual funds and personal use (9:16)
Restructuring borrowings to make interest on loans tax deductible (6:01)
Investing in common shares of a corporation - some nuances (5:42)
Lending money to a wholly-owned corporation interest free (3:16)
Interest on credit cards used to pay business expenses (5:38)
THE PRINCIPAL RESIDENCE EXEMPTION (PRE)
Understanding the principal residence exemption on the T1 return - various scenarios (4:26)
Overview of the principal residence exemption formula and the bonus year (6:15)
A common example of where the bonus can play a role in selling a property (5:31)
Scenario where the principal residence exemption was claimed on another property (8:05)
Understanding the change in use rules and what it means for the PRE (5:08)
Rules and example of principal residence converted to a rental property (6:58)
Rules and example of a rental property converted to principal residence (6:40)
Every situation should be taken on a client by client basis - no cookie cutter approach (5:48)
CAPTIAL COST ALLOWANCE (CCA) - CCA RULES FOR VEHICLES (PASSENGER VS. MOTOR VEHICLES)
Capital Cost Allowance - Motor Vehicles & Passenger Vehicles - Overview (2:34)
Review of the complexities with Class 10 and 10.1 (9:19)
Review of general rules and Class 10 vehicles (9:57)
Special CCA rules related to Class 10.1 (8:19)
Factoring GST input tax credits into the mix (3:32)
Entering the proper information into tax software for accurate results (9:37)
Tip - Proper documentation and records for any vehicle additions (4:37)
BUSINESS INCOME - USEFUL T2125 AND GST/HST PREPARATION SPREADSHEET TOOL
Reporting and compiling business income and GST/HST worksheet to help prepare T2125 (6:14)
How to use the worksheet in your own practice (6:40)
Things to look out for on the spreadsheet (6:32)
An example of a client file and using the tool (9:20)
Some helpful tips on using the spreadsheet and extending it's use (6:39)
BUSINESS INCOME - COMMON TAX PREPARATION ISSUES
Business Income Topics & Common issues (2:35)
Overview of the approach to take and common questions (7:24)
Factoring GST/HST into the file and a useful spreadsheet tool for more accurate calculations (11:22)
Dealing with income splitting on business returns (5:38)
Vehicle expense deductions - FAQ - and areas for caution (11:13)
Home office expenses and areas to be aware of (8:30)
Employee vs contractor concerns are the same with proprietors (9:22)
Does the tax return make sense with what you know about the business? (5:07)
BUSINESS INCOME - CPP & EI FOR THE SELF-EMPLOYED
Self-Employment - Employment Insurance (EI) and Canada Pension Plan (CPP) rules (1:55)
Overview of the CPP rules for self-employed between 60 and 70 (4:36)
Properly filling out the Schedule 8 for those between 65 and 70 (8:42)
EI for self employed and opting into the system (4:48)
Registration process and filing requirements for those who have opted in (2:43)
Reporting EI premiums on the T1 return and payment of premiums (4:42)
Some considerations when advising on CPP premiums and EI opt-in (5:48)
BUSINESS INCOME - ISSUES & REPORTING FOR PARTNERHIPS
Partnership Income Topics & Common issues (1:53)
What is partnership income and what are the rules for tax reporting (5:16)
Other filing requirements for partners and filing the T5013 (7:48)
Some examples of partnership structures and corporate structures (6:57)
Filing T2125 business income for partnerships when only doing simple tax returns (10:38)
Complicating factors for partnership with difference between accounting and tax (6:44)
Partner expenses and a different approach to accounting and tax reporting (11:37)
BUSINESS & EMPLOYMENT INCOME - EMPLOYEE VS. CONTRACTOR ISSUES
An overview of the employee vs sub-contractor issue - Primer (5:44)
Costs associated with hiring employees vs taking on contractors (7:01)
Dinstinguising between the classes - Work environment of employees vs. contractors (6:14)
Legal tests and tests used by the CRA to make a determination on status (6:34)
The dangers and pitfalls of having contractors classified and reassessed as employees (6:10)
What are the chances of getting caught - Different tools used by government (6:25)
What you and your clients can do to protect themselves and build a case (6:48)
BUSINESS INCOME - DEALING WITH GST/HST COMPLIANCE AUDITS
Dealing with GST/HST and CRA compliance audits (2:10)
Proper disclousres on invoices - place of supply and Business Numbers (6:53)
Compliance letters - pilot project that will turn into regular reviews (6:47)
Audits being conducted with junior auditors and left at appeals (5:23)
Doing a reasonability check to ensure numbers make sense (11:05)
Should you file a return with ITC's even if you have no revenue (5:29)
BUSINESS INCOME - STAYING OFF THE CRA RADAR MAP
Avoiding Canada Revenue Agency's (CRA) radar map (7:05)
The little things can make a big difference (7:02)
What can go wrong if you don't do the little things (7:27)
Which tax accounts should be paid first (4:59)
Instalment account top-up by year end (4:48)
Ensuring the GST/HST reports and financials line up (5:05)
Doing a reasonability check on the GST/HST (11:05)
MEDICAL EXPENSE TAX CREDITS & INTRICASIES
Medical expense tax credit overview and intricasies (1:19)
Summary of medical expenses and the rules (8:01)
Medical expenses for dependants and most common mistakes (7:43)
Putting medical expenses on the lower income is not a rule (3:55)
Often overlooked medical credit splitting especially among seniors (5:15)
Where to find information on what's allowed as a medical expense (5:29)
Example of research using common questions and finding answers (4:52)
Two or more resources that will help you with medical expense research (4:04)
Sorting through the maze of medical expenses for nursing homes (14:19)
YEAR END TAX PLANNING STRATEGIES
Why year end tax planning is important (2:58)
Capital gains and losses tax planning (4:40)
Business planning and capital purchases (3:31)
Year end donation strateiges and donating shares (3:55)
Review medical expenses and payment options (4:11)
RRSP strategies for withdrawals and the Home Buyers Plan (HBP) (6:29)
Capital gains looking forward and looking back2 (4:13)
Other year end planning items to consider (7:54)
DEALING WITH THE CANADA REVENUE AGENCY (CRA)
What you should do when dealing with auditors on a client file or audit (4:30)
Some advice on dealing with CRA agents and officers on the phone - a little goes a long way (6:46)
A reality check when it comes to problems with CRA auditors (5:56)
What you can expect when you file appeals and fight the CRA on a tax file and how long it will take (6:48)
Advising clients on payment options with the CRA (3:35)
Issues with the various departments affected on an audit and how to deal with them (7:09)
DEALING WITH THE CRA - OBEJCTIONS & APPEALS
Dealing with CRA objections and appeals - Get ready for lots of these (4:41)
How long is this going to take to get resolved? (4:55)
Don't be intimidated and be prepared - new information provided (5:59)
RC4067 Protocoal & referrals back down to the audit division (4:09)
Do some research before dealing with appeals - additional info (4:59)
Keep on top of officers once assigned and ensure you are part of process (5:19)
TAX RESEARCH & STUDY - HOW TO RESEARCH TAX QUESTIONS ON YOUR OWN
How to research tax questions on your own using resources and software (2:46)
Research methodology and outline of research system (11:14)
Example of researching the dependant credit and applying the methodology (6:31)
Example - sorting through all the caregiver and dependant credits (8:45)
Example - researching a question on lower income spouse claiming child care (10:58)
CONCLUSION
Conclusion - Thank you for joining us - Certificate Requests and Testimonials (1:10)
Reporting and compiling business income and GST/HST worksheet to help prepare T2125
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