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Personal Tax Preparation Bootcamp
Introduction and Tax Practice Administration
Welcome - Course manual and Tax software download instructions (5:20)
Administration - Course Payments, Refund policy, certificates of completion (6:25)
Client information page and ensuring proper disclosures (9:26)
Registering with the CRA to be an e-filer - review of T183 and T1013 forms (13:55)
A review of tax software functionality and overview of Intuit Profile used in this course (14:16)
Module 1 - Employment Income & Deductions
01-01 - Simple employee with T4 slip - A review of employment income and related tax credits (13:13)
01-02 - Employee with multiple T4 slips - Review of CPP and EI overpayments and client advisory (5:44)
01-03 - A review of RRSP contributions including overcontributions, undeducted contributions and best practices (11:28)
01-04 - Reporting for Home Buyers Plan (HBP) including non-payment reporting, paying HBP off early and more (8:37)
01-05 - Employment expenses including an in-depth review of T2200 and various examples you will encounter in practice (23:52)
01-06 - Applying for the GST/HST rebate including reporting rules, CRA reviews and client advisory (6:17)
01-07 - Other employment income issues to be aware of on client returns (10:54)
Module 2 - Family Tax Returns
02-01 - A comprehensive review of a couple with children, including child care expense issues and medical expenses (10:49)
02-02 - Critical planning issues related to families with children, particularly where corporate owner-managers are involved (8:41)
02-03 - A look at single parents including spousal and child support reporting, eligible dependant credit and common issues (14:32)
02-04 - Issues related to children in university - planning considerations on transferring tuition, how income affects planning (12:59)
02-05 - Tax credits and planning considerations for families with elderly and/or disabled parents (20:16)
Module 3 - Investment and Rental Income
03-01 - A review of investment income slips including common errors and oversights, including an overview on investment expenses (16:58)
03-02 - Issues related to Trading Summaries and T5008 slips. Ensuring the accurate and complete reporting of capital gains/losses (17:23)
03-03 - What if scenarios for the sale of principal residence and loss carry-backs (12:47)
03-04 - A review and analysis of the T1135 and the property reporting of foreign investments held (12:43)
03-05 - Investment income splitting among spouses and a review of basement rental income reporting (19:58)
03-06 - Expanding the examples of basement rentals, including the REOP rules when renting to related people (11:15)
03-07 - Investor with a rental property and the reporting and tax issues when claiming Capital Cost Allowance (CCA) (16:56)
Module 4 - Seniors and Effective Tax Planning Perspectives
04-01 - A practical overview of the concerns and tax planning issues faced by seniors (4:39)
04-02 - Overview of a senior couple with pension income and optimizing the split pension deduction (14:04)
04-03 - Example of OAS clawback and the necessary planning to help seniors avoid this excessive tax (17:52)
04-04 - Example of analyzing medical expenses along with the pension split to maximize tax savings for seniors. (7:45)
04-05 - What happens when there is a one time high income year and a senior's OAS gets clawed back? (13:32)
04-06 - A look at the details of the disability tax credit and optimizing tax returns as much as possible (21:19)
Module 5 - Business Income
05-01 - Introduction to business income and what to expect as an accountant or tax preparer with business clients (3:54)
05-02 - A review of ABCO Controacting profit and loss statement (11:59)
05-03 - ABCO Contracting T2125 and finalizing the tax return (16:25)
05-04 - Common expenses and tax issues pertaining to Uber and/or Ride sharing drivers - Filling out the T2125 (6:50)
05-05 - Example of final review and expenses analysis for Keith Uber Driver (13:43)
05-06 - A look at another Uber driver and the CCA maze on class 10 and 10-1 vehicles (14:02)
05-07 - CPP contribution issues for James and those between ages 60 and 70 (8:15)
05-08 - Sandra boutique tea basket shop and doing comparative reviews on T2125 (13:10)
05-09 - Errors and common misconceptions related to salaries paid to proprietors (3:58)
05-10 - Splitting business income with spouses and the issues, including dealing with the new TOSI (Tax on Split Income) rules (4:14)
05-11 - Management fee risks and areas to be aware with income splitting (6:52)
04-04 - Example of analyzing medical expenses along with the pension split to maximize tax savings for seniors.
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