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Personal Tax - Tips & Traps
INTRODUCTION TO SEMINAR & ADMINISTRATION
Administration and housekeeping - Certificates - Refund Policy - Contacting Us (6:25)
Introduction to the course and overview of the course curriculum and teaching approach (4:22)
COURSE MATERIAL TO DOWNLOAD - Tips on using the course notes and materials (4:20)
1 - CLIENT INFORMATION & PROCESSING
In dealing with difficult clients or tough tax scenarios do some role playing with client (4:57)
Understand what the government is trying to accomplish when analyzing tax law (5:55)
What happens if the CRA makes a mistake and I rely on that information and then reassessed? (5:56)
Don't rely on the CRA Auto Fill My Return service to completely prepare the return (4:07)
2 - EMPLOYMENT INCOME & DEDUCTIONS
The client gave me a stack of documents from their employer - How do I know what's what (7:23)
My client says they have to pay expenses for work but they don't have a T2200 - Can I deduct them? (6:47)
My client was expecting more of a deduction or the CRA significantly reduced our claim (6:39)
How do I make sense out of all these questions and options for deducting vehicle expenses? (8:00)
Home office expenses for employees are likely not deductible or immaterial if they are (7:24)
If you are able to hire an assistant make sure to dot the I's and cross the T's (5:19)
The CRA disallowed the majority of the office and supplies expense I claimed (5:43)
3 - RENTAL INCOME & DEDUCTIONS
Intention when purchasing a property matters and it can cause problems in the future (7:08)
Even when you do intend to make money from numerous properties it is not a business (5:58)
How much work are you really doing to run and maintain your properties? (6:42)
Pay extra attention to Capital Cost Allowance claims and understand the situation (7:14)
An example of the challenges issues and thought process behind CCA claims (7:01)
Deciding what is a capital improvement and what is a repair can be a challenging task (8:51)
If you are renting a property to a family member the losses will likely be denied (3:58)
If you want to claim losses on property rented to family you better not treat them like it (3:54)
My tenants left and I have no rental income this year - Can I deduct expenses and claim losses? (4:22)
If paying rent, it’s important to know where your landlord lives (5:41)
4 - PRINCIPAL RESIDENCE & THE PRINCIPAL RESIDENCE EXEMPTION
The principal residence exemption is not a public square declaration (6:15)
Whenever you have complex situations involving property use here is the solution (7:33)
Be sure to have all the data and facts before you file the tax return with a PR disposition (5:00)
Doing a little bit of work now can potentially save a lot of tax in the future (4:09)
Always look closely at situations involving the PRE and multiple owned properties (6:58)
Sometimes people will choose a filing position that doesn't make financial sense (4:07)
Section 45 elections are not that difficult once you cut to the chase (7:22)
Save yourself a lot of trouble with this filing multiple Section 45 elections on multiple changes (4:14)
Home renovations for income purposes - You can't have your cake and eat it too (6:06)
5 - INVESTMENT INCOME & DEDUCTIONS
If you are blindly relying on the investment slip download from CRA double tax (5:20)
If you don't understand how T5008 slips work you are likely creating a tax problem (6:34)
T5008 SLIPS - What does CRA do with this information and how it can create problems (8:16)
Looking at December 31 balances for foreign property reporting is not correct (5:04)
You may have to do some mental gymnastics if you rent out a Florida condo (4:35)
What a difference a day makes - You may need to file a T1135 for that Florida condo (4:09)
When dividends are not really dividends (3:46)
The foreign tax credit boils down to what you get back and what you're out of pocket (7:17)
Now that you understand you can make sure that the CRA understands too (5:41)
6 - BUSINESS INCOME & DEDUCTIONS
Your tax return can't be different from everything else you've told the CRA (5:44)
Cash businesses can stick out like sore thumbs so don-t get caught by these filing errors (4:12)
What a difference one little number can make (6:26)
If you don't pay close attention to bookkeeping will be difficult to get the CRA to listen to what you say (4:54)
The type of car purchased for business can make big differences on your deductions (8:15)
You have a home office but you can't be at two places at once (5:45)
People who have terrible or non-existent records still have to file tax returns (7:19)
CRA says you need receipts to deduct expenses but do you really (4:32)
Don't expect a CRA auditor to be reasonable or even give you the time of day (5:36)
If dealing with partnerships it may be a good idea to do the bookkeeping too (8:00)
7 - TAX DEDUCTIONS
Contrary to conventional wisdom don't give to next year what belongs to next year (7:01)
Contrary to conventional wisdoem make sure you sweat the details (6:50)
If you don’t understand the nuances with child care expenses you could be overlooking (7:55)
Kids could be having fun or learning something when they are being looked after (6:05)
Give your computer's processor a good workout when working with senior couples (5:09)
I only had one cottage - Why are they taking away my OAS? (6:00)
When helping seniors with tax planning make sure you know the logistics (5:08)
Sometimes the grey area is so grey you never know what to expect (5:26)
Moving expenses can be lucrative for the handful of students who may benefit (4:51)
8- TAX CREDITS
Navigating the maze of dependant credits is a bumpy ride if done manually (8:11)
Medical expenses for direct family and other dependants were not created equally (4:33)
You don't need a cystal ball to look into the future and don't create your own rules (5:42)
When tax legislation and logic clash - no matter what the CRA website says (5:31)
There's a big difference between a retirement home and a nursing home (5:26)
Putting the pieces together for seniors medical expenses like choosing your own adventure (6:13)
Do some work now now and spend some money to avoid having upset kids (5:57)
You're an adult so maybe you should start acting like one (4:17)
What a difference a "taxation year" makes (3:30)
CONCLUSION
Conclusion to course and testimonials (2:11)
Pay extra attention to Capital Cost Allowance claims and understand the situation
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