The investment reporting package from advisors and self investing

Preparing Tax Returns Start to Finish - Best Practices - Intermediate Course

Introduction & Course Goals

Course curriculum and what is covered in this tax course (6:21)
Administration - Course Payments, Refund policy, certificates of completion (6:25)
DOWNLOAD - PowerPoint Presentation file & PDF of slides
The two common questions students ask when taking this tax course (4:53)
A three step action plan to help you become a successful tax preparer (7:12)
A comparison of standard tax software vs professional tax software (6:05)
An overview of the different software packages and pricing options (8:14)
TAX SOFTWARE - Student Version of Profile Tax Suite 2022 - Download & Registration Instructions (6:51)
You can learn a lot by studying and playing around with tax software (6:54)
How to use software to help you prepare prior year tax returns you will encounter (5:48)

What you Need to Be a Tax Preparer & File Tax Returns for Others

Explanation of the evergreen nature of this course and what you will see (3:04)
Am I allowed to file tax returns? Are there any legal requirements? (5:01)
Do I have to have a CPA or accounting designation to advise clients? (5:50)
What documentation do I need to have if I file for clients? (5:25)
Review of the T183 authorization to file a tax return (2:47)
Getting a client's authorization to represent them with the AuthorizeRep form and e-filing with CRA (3:26)
Authorization on a client's business matters with the BusinessConsent form and e-filing with the CRA (4:46)
Represent A Client Registration process - CRA website (2:44)
CRA reviews and common questions on electronic copies and signatures (6:06)

Tax Return Processing & Best Practices

The 6 step process to preparing a personal tax return (5:47)
Reviewing prior years' returns to understand client tax matters (4:27)
Arrange for a preliminary discussion before you start working on the tax return (3:26)
Update and review client file with personal information (3:51)
Review the client's financial information for changes, issues, etc. (4:51)
Ask if client has any foreign property with a cost of over $100,000 (2:29)
Always keep up to date and accurate notes when speaking to clients (2:47)
Prepare t-slips by creating a pile for each individual family member (3:19)
Create piles for individuals and separate piles for joint credits and deduction (4:31)
Review tax credit eligibility and documentation thoroughly and don't overlook credits (8:01)
Input all slips and data into the tax return software for each individual (6:03)
Why we should enter joint slips on the spouse who's SIN number appears on the slip (6:03)
Using the Comparative tax summary report is an extremely useful tool (4:32)
An extremely valuable tool - comparing previous year to current year returns (5:12)
Doing the final review once you get all the information and it is entered (3:18)
Reviewing the client file for hidden opportunities and tax saving strategies (4:32)

Family Tax Returns - Practical Aspects on Preparing Family Returns

Introduction to family tax returns and what is covered in this module (3:57)
Are there any benefits to filing as a couple/family? Income splitting? (5:03)
The types of income you can split between spouses (3:13)
Be consistent in claiming ownership percentages and don't change (5:26)
A review of the attribution rules and what it means in a real practice (6:17)
The benefits of combining donations and some of the issues you may run into (2:40)
Combining all medical on one spouse return but doing some analysis as well (3:36)
Example of the medical expense analysis and claiming on higher income spouse (4:36)
Analyze prior year medical expenses and returns for 12 month period (4:05)
Hidden and often missed RRSP planning opportunities (5:24)
Introduction to families with children and what to expect (4:00)
A review of the child care expense rules and the deductible limits (9:01)
Example of child expenses and what to watch for on spouses with similar income (4:48)
Be aware of the source of income especially for corporate owner managed clients (5:23)
Other owner manager issues to take into account with child care expenses (4:35)
What you can deduct when there is an educational component to child care (3:31)
The Canada Child Benefit as compared to previous monthly Child tax benefits (3:23)
Elimination of most children tax credits and intro to Archived tutorials for prior year returns (1:42)

Student Tax Returns - Frequently Encountered Issues

Introduction to student tax returns (4:09)
The importance of the T2202 as the focal point of a student return (3:59)
Tuition rule review to accurately prepare a student return (4:29)
Refresher on filling out Schedule 11 and transferring tuition credits (12:21)
Reporting amounts received as scholarships or grants on the tax return (3:59)
Example of a student with scholarships and bursaries how it affects tuition & transfers (3:32)
How are RESP payments received taxed and where do we report them? (3:00)
Reporting RESP income on the student's tax return - example of T4A (2:36)
Claiming the credit for interest paid on eligible student loans (2:19)
Examples showing how to claim interest on student loans (3:15)
Some questions and situations you will encounter (5:30)
What if the student didn't file in previous years and want to claim the credit this year? (4:05)
What if the student needed to take the job for their job/employment? (4:08)
Protecting yourself from bad situation with students (4:23)

Investor Returns - Issues to Be Aware of and Best Practices

Introduction to preparing tax returns for taxpayers with investments (4:03)
The general rule for the deductibility of investment expenses (3:19)
The deductibility of management advisory fees as carrying charges (3:09)
Don't miss these carrying charges on your client files - T slip reporting (3:53)
Clearing up the confusion on management fees on mutual funds (5:11)
Deducting interest paid on investment loans (3:13)
Are tax preparation fees deductible as a carrying charge? (3:12)
The investment reporting package from advisors and self investing clients (4:45)
An example of an investment report you may receive from a client's advisors (4:21)
The problem of getting or calculating an accurate ACB for self-directed investors (5:58)
Business income or capital gains? The tax issue with day traders (4:11)
Don't sweat the details when you file Schedule 3 for lots of transations (5:17)
What to expect from CRA when reporting capital gains and losses on Schedule 3 (6:08)
Make sure that Schedule 3 proceeds match trading summary T5008 (4:41)
Best practice - Keep a copy of trading summary and reporting package (2:28)
Reporting foreign income and filing the T1135 Foreign Income Verification Statement (7:07)
Overview of the T1135 reporting requirements and what you need to know (8:13)
Example of the reports you will receive from the broker for foreign income (12:31)

Rental & Property Income Returns - Issues with Rental Income & Property Sales

What we will be covering in this unit on rental and property income (3:42)
Some rental properties will require GST/HST reporting - A summary of the rules (6:05)
Have a discussion with client on the rental property - lease, who pays expenses (6:21)
Reporting issue - Reporting gross values on the T776 (2:17)
Have one accountant or bookkeeper prepare statement for all owners (3:58)
Comparison of current year expenses vs prior year for significant anomalies (5:05)
How do you report and deduct expenses incurred by only one partner? (4:42)
Common question on the deductibility of the owner's own labour on work (2:11)
Deducting vehicle, travel and other non-direct expenses on a rental statement (6:03)
Be wary of properties showing consistent losses - The REOP test (7:05)
Be aware of the pitfalls of rental properties with a personal element to them (5:17)
What you can expect from the CRA when you file rental income returns (4:00)
Be aware of the CRA's recent projects on reviewing the sale and reporting of any properties (8:09)
Some of the issues you may encounter with the CRA when clients sell properties (5:02)
Newsletter excerpt - Cases regarding property flips and something that is now very common (7:39)
Newsletter excerpt - More nonsense from CRA and their application of intention rules (4:10)
Newsletter excerpt - CRA AUDITS - CRA auditors can often be illogical or unreasonable (9:01)

Seniors - Tax Returns for those 65 and older

Introduction to tax return preparation for seniors (2:48)
Sources of seniors' income and the typical T-slips you will encounter (6:00)
Tax issues and information on the CPP, OAS and GIS (4:46)
Pension income splitting for seniors and filing the T1032 form (5:08)
Example of a pension income splitting situation and how to do the planning (7:46)
Common tax credits applicable to seniors (5:50)
Eligibility for the DTC and the process for claiming in (5:22)
Example of the T2201 DTC credit form and CRA letter (5:01)
The OAS clawback calculations and how it works (8:09)
An example of the OAS and Age credit clawback calculations (6:05)
Some planning aspects to consider when working with seniors with high income (6:42)
Seniors and claiming the caregiver amount including living with children (3:05)
Example of the analysis that should be done in all of these situations (6:01)

Business Returns - Tax, GST/HST & Filing Best Practices for Business owners

Introduction to business income unit and a review of filing deadlines (5:25)
GST/HST filing requirements for individuals who have business income (4:34)
GST/HST filing deadlines for individuals with an annual reporting period (1:26)
The different types of information a client will provide - bookkeeping clients (3:34)
The differed types of information a client will provide - electronic clients (4:48)
The different types of information a client will provide - software clients (3:58)
An example of how I receive data from a client and how I enter it (3:27)
Time is money - Need to determine the time needed to comlete statements (4:04)
The importance of comparative year reviews to make sure you didn't miss anything (5:16)
Look for trends and anaylze absolute values and percentage amounts (5:51)
The two methods of preparing partnership business statements (4:12)
How to file the T2125 business statement of a partnership (2:42)
How to file the T2125 business statement and tax return with T5013 slips (6:16)
Caution when entering T4A slip data into software and transferring to the T2125 (7:11)
How to report expenses paid by the individual partners (4:06)
Dealing with HST reporting and filing with business tax returns (4:30)
Revisiting the client expense note and addressing the HST component (3:00)
Two methods of reporting expenses with HST on the T2125 (4:41)
Examples of the two expense disclosure methods and how to enter them (6:39)
Two methods of reporting income and revenue with HST on the T2125 (2:05)
Examples of the two revenue disclosure methods and how to input them (4:32)
Capital cost allowance pools and what materiality limits you should set (4:27)
The practical application of the capital cost allowance rules (4:26)
Calculating CPP premiums payable and some issues to be aware of (5:41)

The Final Review Process

Putting a system in place for the final review process (3:00)
Importance of printing out and checking the slip summary (6:02)
Discussion with client before hitting print (3:46)
Getting the client to sign the tax return (2:25)
The difference between netfile and efile and what you you register for (3:24)
Having the form T183 on file if you are a registered e-filer (6:10)
Doing the final print - invoice - and e-filing (3:54)

CRA Online Services - Represent A Client

CRA Access Client Information - How to register (4:10)
Properly filling out the AuthorizeRep and e-filing - almost immediate (5:29)
Downloading client information into software (8:27)
How to analyze the personal tax client information and tips (12:04)
Reviewing client BN information on the CRA website (4:47)

T1 Adjustments - Making Changes To Prior Filed Returns

Preparing and filing T1 Adjustments (T1ADJ) (2:18)
What is a T1ADJ and when should you file it - the basics (4:32)
Review of the form and approach to filling it out properly (7:05)
Example of adjusting a return for missing T-slips (7:19)
Simple approach and time saving tip when there are numerous slips & items (9:47)
Example of adjusting a return to claim rental or employment income (7:43)
Common problem of missing RRSP slips and filing adjustment (9:55)
Tuition transfers and adjusting student returns (9:12)
Different ways of filing a T1ADJ and what you can and cannot file (6:34)
Step by step instructions on how to use Refile on Intuit Profile (14:53)
Be aware of the implications and ramifications of filing a T1ADJ (7:05)
The documentation you need to send in with adjustment (6:53)
Some tips and do's and don'ts when filing adjustments (8:26)

Dealing with the Canada Revenue Agency (CRA)

Introduction to unit on dealing with CRA and the filing process (4:17)
Understanding the CRA's review process when you e-file tax returns (6:04)
What happens if you have a disagreement with the CRA's Reassessment? (4:33)
Filing a Notice of Objection with the CRA when you have a disputed amount (2:47)
An example of the T400A Objection form and how to fill it out (3:43)
If you prepare business returns, you may have to deal with auditors (2:54)
The process of dealing with objection from CRA appeals to tax court (9:08)

Concluding Remarks & Additional Resources

Build your personal library with published books (5:31)
Some professional industry websites with great resources (4:05)
Conclusion and next steps in your personal tax journey with Canadian Tax Academy (5:06)

The investment reporting package from advisors and self investing clients

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