COURSE ADMINISTRATION, GUIDANCE & ADVICE
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Welcome to the Personal Tax Course! Take at your own pace and keep coming back for refreshers (2:34)
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The teaching approach and learning methodology for this course (4:57)
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How the course is laid out and how to navigate the system (6:09)
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Asking the right questions and what I cannot answer (3:26)
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Administration - Course Payments, Refund policy, certificates of completion (3:31)
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Common questions on tax software and what you need (4:40)
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TAX SOFTWARE - Student Version of Profile Tax Suite - Download & Registration Instructions (4:41)
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TAX SOFTWARE - Additional video and troubleshooting on Intuit Profile (7:48)
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Emailing students important updates and new courses - Put us on your safe list! (2:03)
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COURSE NOTES & MANUAL - Download course notes and manual and how to use them (4:17)
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Additional comments and suggestions on how to use the notes
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A note on Provincial taxes, returns and associated schedules (4:13)
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** ANNUAL UPDATES ** - Instruction video on how to access this year's current update (2:16)
MODULE 1 - THE CANADIAN TAX SYSTEM
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Introduction to this module and what we'll be covering in this unit (2:40)
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Who must file a tax return (3:23)
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Why you should file an income tax return (5:46)
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The Canadian tax system and how it works (3:42)
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Deadlines for filing personal tax returns (6:00)
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Filing penalties and interest for late filed returns (4:41)
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Instalment payments and when they should be made (3:53)
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E-filing of personal tax returns and the e-file system (4:10)
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The marginal tax rate system in personal tax (5:14)
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Example illustrating marginal vs. personal tax (6:06)
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Another important tax concept - Tax deductions vs. tax credits (4:03)
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Examples of a tax credits and tax deductions (4:49)
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Notice of Assessments and their importance (5:09)
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An example of a Notice of Assessment (NOA) (3:51)
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Notice of Reassessments issuedd by CRA and their Importance (4:04)
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Example of a Notice of Reassessment (4:38)
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Some resources on Provincial tax brackets for your reference (5:02)
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CRA Online services and an overview of the system (4:36)
MODULE 2 - TAX SCHEDULES & INFORMATION SLIPS
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Introduction to tax forms and information slips (2:49)
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The T1 General Return (10:48)
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The T1 General return - 2018 and earlier years (3:21)
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*ARCHIVE - Schedule 1 - Federal tax - Only for 2018 and earlier years (2:16)
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Schedule 2 - Amounts transferred from spouse (2:41)
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Schedule 3 - Capital gains and losses (3:37)
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Principal Residence Dispositions - Schedule 3 - 2016 & Future Years - Disclosing Sale of Principal Residence (2:29)
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Worksheet 4 (Previously Schedule 4) - Investment income and expenses (2:36)
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Schedule 5 - Details of dependants (3:49)
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Schedule 6 - Canada Workers Benefit (2019 & later) - formerly Working Income Tax Benefit (Pre 2019 returns) (3:02)
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Schedule 7 - RRSP worksheet and activity (4:38)
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Schedule 8 - Canada Pension Plan (CPP) Contributions & Overpayment (4:03)
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Schedule 9 - Donations and Gifts (2:08)
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Schedule 11 - Tuition worksheet (2:43)
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Schedule 13 - Employment Insurance Premiums on Self Employment (2:06)
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* ARCHIVE * - Schedule 14 - Climate Action Incentive (Not available in all Provinces and only for 2018-2020 Returns) (2:26)
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Provincial Forms and schedules and web link to find information on Provincial credits (6:17)
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Slip system of reporting income on the T1 personal return (6:33)
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Reporting information from T-slips into tax software (2:46)
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The T4 slip - The statement of employment income (6:40)
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The T4A slip - Statement of Pension, Retirement, Annuity, and Other Income (4:10)
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The T4E slip - Employment insurance and other benefits (3:34)
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The T5018 slip - Statement of Contract Payments (3:39)
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The T5007 slip - Statement of benefits - Social security (2:40)
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The T4A(P) and T4A(OAS) slips - CPP and OAS retirement pension slips (4:34)
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The T4RSP slip - Statement of RRSP Income (4:07)
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The T4RIF slip - Statement of Income From a Registered Retirement Income Fund (3:27)
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The T3 slip- Statement of Trust Income Allocations and Designations (5:28)
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The T5 slip - Statement of Investment Income (4:50)
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The T5013 slip - Statement of Partnership Income (3:54)
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The 5008 slip - Statement of Securities Transactions (4:59)
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The T2202A slip - Tuition and enrolment certificate (3:49)
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The Auto Fill my Return service offered by Canada Revenue Agency (6:50)
MODULE 3 - EMPLOYMENT INCOME & DEDUCTIONS
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Introduction to employment income and employment expenses (2:09)
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Employment income - What is included (7:17)
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Recording employment on the T4 slip and T1 (8:37)
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Items to watch for on the T4 slip and how to avoid common errors (5:22)
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Employment amounts reported on the T4A and T4PS slips (3:34)
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Reporting amounds for casual labour, tips/gratuities and odd jobs when not reported on a slip (7:08)
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Reporting tips, odd jobs and labour on the T1 return (4:22)
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Wage-loss replacement plan reporting (4:42)
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CPP and EI premiums and tax credits (7:31)
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Filling out the Schedule 8 and T2204 for CPP and EI overpayments (4:30)
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Employment expenses - What cannot be claimed (4:07)
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Employment expenses - Who can claim them and how (5:01)
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The T2200 form - Review of the declaration of conditions of employment (7:15)
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The T777 form - Statement of employment expenses (4:07)
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An overview and the framework for deducting employment expenses on the T1 (5:11)
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Example of a simple T2200 and T777 with vehicle expense deductions (8:08)
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Overview of the two different types of vehicles allowances and tax implications (3:30)
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What if a vehicle allowance is received? - how to factor in reimbursements (4:29)
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What if a non-taxable kilometre allowance is received from the employer? (5:20)
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An overview of home office expenses - What you can claim and what you cannot claim (5:50)
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Criteria and process for deducting home office expenses for employees (5:59)
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Example of home office expense deductions on the T2200 and T777 (3:44)
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Example of a straight forward T2200 and T777 with other expenses (7:05)
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Example of a T2200 and T777 with reimbursed expense (8:19)
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Additional eligibility for expenses for commissioned salespeople (6:04)
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Example of a T2200 and T777 for a commissioned salesperson (7:28)
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Expenses that you cannot deduct as an employee and other various items to be aware of (8:36)
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Filing requirements for employment expenses - What you need to file with CRA (2:37)
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CRA Guide T4044 For Employment Expenses (2:44)
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Claiming the GST/HST rebate and review of the eligibility requirements to get his benefit (3:26)
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Example of the process for claiming the GST/HST rebate on the tax return (7:48)
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New for 2022 - Overview of the Labour Mobility Tax Deduction for 2022 (7:48)
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COVID-19 UPDATE - Employment expense deductions for 2020 to 2022 tax returns due to pandemic (6:00)
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COVID-19 UPDATE - Example of the simplified method and flat rate method (For 2020 to 2022 Returns) (3:58)
MODULE 4 - INVESTMENT INCOME & DEDUCTIONS
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Introduction to investment income and expenses (3:59)
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Interest income and interest producing investments (4:28)
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Reporting interest income from T5 slips (3:28)
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How to handle joint account and recording income properly (5:14)
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Reporting joint account interest on the T1 return (3:06)
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Best practice for allocating and reporting various percentage of income reported on T-slips (6:55)
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Dividend income and the different types of dividends (6:43)
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Reporting ineligible dividends income and tax credits (4:20)
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Reporting eligible dividend income and tax credits (4:16)
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Introduction to capital gains and losses (4:02)
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Capital gain and loss tax rules (5:03)
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Examples of capital gain and loss calculations (4:09)
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Completing schedule 3 and reporting capital gains on the T1 (4:46)
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Reporting capital losses on the Schedule 3 and carry-forward balances (5:35)
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Calculating gains and losses on multiple purchases or lots (3:52)
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Issues with gains and losses on mutual funds (3:54)
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Example of capital gain on mutual funds (4:32)
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Complicating factors with mutual funds and where to find help (6:04)
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Capital loss carryback and carryforwards (4:00)
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Capital loss carryback example & how to fill out the T1A form (7:13)
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Introduction to the attribution rules (5:19)
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Where the attribution rules will not apply (6:05)
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Deducting carrying charges from your investment income (6:14)
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Deducting interest expense if used to earn investment income (5:31)
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Filling out Schedule 4 properly to deduct investment expenses (5:38)
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Reporting on the sale of principal residences and claiming Principal Residence Exemption (5:23)
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Example showing the disposition of the principal residence on the T1 (6:30)
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The Principal Residence Exemption (PRE) formula and how it works (3:43)
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Upcoming 2023 Item - The Property Flipping Rule for disposition of residences in 2023 and future years (3:52)
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How to look up what the marginal tax rate is on investment income (4:23)
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Foreign income reporting and verification - Introduction to the T1135 (5:48)
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What is Specified Foreign Property and what needs to be reported (5:54)
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What are the exemption to Specified Foreign Property that are not reported (5:38)
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A review of the T1135 form and overview of the simplified and detailed methods (11:58)
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Some common scenarios and how to report foreign income (10:14)
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Checking verifying and reconciling the informaton on the T1 and the T1135 (6:50)
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Some good news on detailed method reporting for many individuals (5:54)
MODULE 5 - RENTAL INCOME & DEDUCTIONS
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Introduction to rental income and expenses (3:49)
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The basics of rental income - What is captured in rental income? (3:51)
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Rental income or business income? - There are significant differences (4:42)
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The T776 Statement of Real Estate Rentals (6:16)
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What if there is more than one rental property? Do I need forms for all of them? (4:27)
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The accrual and cash methods of reporting income (6:48)
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Rental expenses and what cannot be deducted (7:04)
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Interest on mortgages, loans and lines of credit (5:04)
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How to apply rental income losses on the tax return (4:24)
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Common expenses for rental properties - Direct expenses (4:25)
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Other deductible expenses that you may be eligible to deduct (7:31)
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Capital expense vs. repairs & maintenance - what you can deduct vs what you capitalize (4:16)
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CRA administrative guidelines on repairs and capital (4:42)
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The rules for deducting motor vehicle expenses for rental income (8:12)
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Renting out a portion of your home and the expenses that can be deducted (3:17)
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Preparing the T776 for a property rented out and used for personal purposes (6:53)
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Selling your home when you've been renting out a portion (4:34)
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Renting out a vacation or other personal property (4:03)
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Preparing the T776 when a vacation or cottage property is rented out (5:03)
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Prefix to Capital Cost Allowance (New for 2022 & Forward) - Summary of recent changes to the rules (5:23)
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Introduction to Capital Cost Allowance (CCA) (5:42)
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New Accelerated Investment Incentive to consider and teaching approach (7:20)
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The rules for calculating capital cost allowance (CCA) (4:03)
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Filling out the CCA schedule on the T776 for the regular rules (3:13)
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Applying the new AII rules on the CCA schedule on T776 - late 2018 & later years (5:02)
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2022 Immediate Expensing Program - Rules and eligible assets (5:14)
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2022 Immediate Expensing Program - Example of appliance purchase on T776 (4:11)
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Combining the Immediate Expensing and AIIP Program Rules (4:55)
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Additional CCA rules for rental properties (5:39)
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Example of claiming CCA and the rules to stop losses (4:02)
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Example of a capital gain on sale and disclosure on Schedule 3 (4:11)
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Selling a property when CCA was claimed as an expense - Recapture rules (3:27)
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Example of reporting recapture of CCA on the T776 and tax return (6:33)
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Terminal loss rules for CCA and application to rental properties (2:00)
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Example of a terminal loss and how to report on the T776 and T1 (3:19)
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Factors to consider when deciding whether to claim CCA and caution when advising clients (4:41)
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Capital cost allowance on appliance and furniture (3:45)
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Rules for claiming capital cost allowance (CCA) on land (3:20)
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Other advanced issues you should be aware of (6:12)
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Certain properties may have GST/HST implications - breakdown of the rules (6:15)
MODULE 6 - TAX DEDUCTIONS
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Introduction to other deductions (3:17)
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The basics of Registered Retirement Savings Plans (RRSP) (4:37)
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Where do I find my RRSP contribution limit? (5:27)
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RRSP contribution, withdrawal rules and annual RRSP contribution limits (8:35)
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Example of RRSP contributions and how to report on the T1 (7:39)
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Undeducted RRSP contributions (4:47)
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Example of undeducted RRSP contributions (4:30)
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Where the CRA reports your unused or undeducted RRSP contributions (3:01)
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Overcontributions to an RRSP and the adverse tax implications (3:17)
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Example of overcontributions to an RRSP (4:40)
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Where to find information on RRSP overcontributions (2:01)
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Withdrawing money from the Home Buyers Plan (HBP) (4:45)
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How to report HBP repayments on the T1 return and Schedule 7 (4:33)
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How to deal with HBP non-payments - partial payments and additional payments (6:41)
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The Lifelong Learning Plan (LLP) program under the RRSP (4:59)
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The rules for making spousal RRSP contributions (6:52)
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2023 New Program - Upcoming Tax Free Home Savings Account (FHSA) (5:39)
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Reporting the Pension Adjustment (PA) on the T1 (5:45)
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Deducting union and professional dues (4:24)
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Child care expenses - rules and eligibility (5:51)
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Filling out the form T778 for child care expenses (7:26)
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Rules for spousal and child support payments (3:56)
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An example of how to report child support income and expenses on the T1 (4:47)
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Pension Income Splitting for Seniors - The 1032 Election to Split Income (6:23)
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Example of pension income splitting for seniors and the T1032 (6:12)
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Allowable Business Invest Loss (ABIL) rules (4:14)
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Deducting ABILs on the T1 tax return (2:54)
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Moving expenses - Rules and criteria (4:16)
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Eligible moving expenses you are entitled to deduct on the T1 (4:42)
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Ineligible moving expenses that you are unable to deduct (2:42)
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Using the Simplified Method for travel and filling out the T1-M form (6:35)
MODULE 7 - TAX CREDITS
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Introduction to tax credits (3:26)
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General information on the application of tax credits (5:33)
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Useful resource & the difference between the tax credit and the actual tax savings (5:23)
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The basic amount and Canada employment amount (4:36)
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The age amount credit (3:01)
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The spouse or equivalent to spouse credit (3:15)
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Amount for eligible dependant credit (5:16)
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The Canada Caregiver Amount (9:29)
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The Canada Caregiver Amount - Supplementary Amounts (2:28)
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CPP and EI premium tax credits (5:12)
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How to claim tax credits on software on credits we have examined thus far (5:37)
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Adoption tax credit (4:36)
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Pension income credit (5:06)
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The disability tax credit and how to apply and claim the credit (4:37)
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An example illustrating how to claim the disability tax credit (7:53)
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Rules for transferring the disability tax credit to other individuals (3:49)
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Example of transferring the DTC to an eligible person (4:34)
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Interest tax credit on student loans (2:51)
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Tuition tax credits and the recent changing landscape both Federally & Provincially (6:10)
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Tuition, education and textbook credits and the T2202A (5:25)
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Claiming tuition, education and textbook credits on Schedule 11 (5:56)
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Tranferring tuition, education and textbook credits to parents or grandparents (4:01)
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Example of how to transfer tuition to a parent or grandparent (5:26)
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Transferring unused non-refundable tax credits to a spouse (4:08)
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Rules for claiming the donation credit (5:54)
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Claiming donations and filling out Schedule 9 (6:11)
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Federal and provincial political donation tax credits (4:11)
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Claiming medical expesenses, rules and eligibillity (4:23)
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Medical expenses credit calculation on the schedule 1 (7:43)
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Medical expenses for other dependants (2:21)
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Example of claiming medical expenses for other dependants (4:45)
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Eligible medical expenses, receipts and making sure proper records are kept (6:47)
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The Home Buyers amount credit for first time home buyers (3:15)
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Refundable vs non-refundable tax credits (4:31)
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Calculating CPP and EI overpayments on the T2204 form (2:42)
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Climate Action Incentive credit - Changes to 2021 and future years - No longer part of T1 (4:19)
MODULE 8 - BUSINESS INCOME - T2125
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Introduction to business income and what we'll be covering (3:53)
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Business income reporting issues - personal businesses vs incorporated businesses (4:48)
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A review of the personal tax business form - The T2125 Statement of Business Activities (5:15)
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The basics of business income and what you need to report it properly (5:58)
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Be aware of the pitfalls and dangers of large or consistent losses and hobby businesses (5:50)
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Are the expenses reasonable? Or will they trigger a review or audit with CRA (6:10)
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The GST/HST account and rules that you need to know for businesses (5:27)
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Business registration and other acounts you may need to open (6:46)
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Beginning our look at expenses and my approach to teaching the content (2:26)
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Advertising and promotion expenses (4:34)
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Meals and entertainment expenses and what to be aware of (4:35)
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Claiming a bad debt expense when customers do not pay (2:57)
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Insurance expense deduction (3:28)
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Interest expense deduction (3:37)
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Office stationary & supplies expense and Office expense (3:24)
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Rent expense for leased premises and other equipment (2:56)
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Expenses for properties that are owned by the business - Utilities - Property Tax (3:42)
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Salaries and wages expense (4:00)
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Example of reporting salaries and wages expense on Line 9060 (2:44)
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A brief review of other deductible expenses and areas to watch out for (5:27)
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Other expenses that cannot be categorized but you want to disclose separately (1:39)
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Rules for deducting vehicle expenses on business returns (2:56)
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Example of vehicle expense calculation and using the Vehicle Expense Worksheet (5:48)
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CRA prescribed limts for CCA and interest expense (5:02)
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Maintaining a mileage log and its importance during a CRA review or audit (3:28)
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The prescribed rate method and whether it can be used for proprietorships (3:46)
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Some issues you may come across and how to deal with them (5:40)
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An example illustrating the reporting of vehicle expenses for two vehicles (3:10)
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Revisiting the Immediate expensing rules covered in rental income module (3:59)
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Capital Cost Allowaance (CCA) rules for depreciation (5:13)
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CCA classes and rates of write-off (5:34)
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Example of new asset purchases and filling out the CCA schedule (5:12)
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The pool system of additions and disposals of assets and calculating CCA (4:07)
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Some examples of how pool system works with dispositions and additions (5:59)
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Terminal loss rules and how to calculate and show on T2125 (4:17)
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Recapture rules and how to calculate and show on T2125 (3:32)
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Example of claiming CCA on vehicles - Class 10 and 10.1 and prorating for business vs personal use (5:32)
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Example of immediate expensing on a number of assets purchased (6:48)
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Home office expenses - who can claim and rules (4:05)
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How to claim and report home office expenses on the T2125 and carry-forward reporting (5:51)
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The cost of goods sold section and providing useful information (6:08)
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Example of two T2125 statement with useful information vs. less useful (4:53)
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The Canada Working Benefit refundable tax credit - formerly the WITB (5:39)
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Example of Schedule 6 and filing for the Canada Workers Benefit (WCB) (5:58)
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Canada Pension Plan (CPP) premium calculations on Schedule 8 the contributions for self-employed (8:42)
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Employment Insurance (EI) benefits for the self employed (4:15)
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Example of EI premium calculations and Schedule 13 for the self employed (4:42)
CONCLUSION & NEXT STEPS
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