An example of the Auto Fill My Return service (AFR) and how it works

Personal Tax for Clients I - Preparing Client Returns from Start to Finish

Introduction & Course Goals

Introduction to the course and the teaching methodology used (3:23)
Tax return preparation is a lot easier but tools not a substitute for knowledge experience (5:13)
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)
Don't think that if you know and mastered the software that you know tax (4:28)
A comparison of standard tax software vs professional tax software (6:05)
An overview of the different software packages and pricing options (7:59)

Module 1 - What you Need to Be a Tax Preparer & File Tax Returns for Others

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 (5:45)

Module 2 - 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 (3:20)
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 (8:00)
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 (5:51)
Using the Comparative tax summary report is an extremely useful tool (4:32)
An extremely valuable tool - comparing previous year to current year returns (5:08)
Doing the final review once you get all the information and it is entered (5:06)
Reviewing the client file for hidden opportunities and tax saving strategies (4:32)

Module 3 - Logistics of Preparing Business Returns and the T2125

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)
Downloadable spreadsheet tool - Overview and making it your own (6:06)
Business income and HST worksheet to help prepare T2125 (5:43)
How to use the worksheet in your own practice (6:15)
Things to look out for on the spreadsheet (6:17)
An example of a client file and using the tool (8:06)
Some helpful tips on using the spreadsheet and extending it-s use (6:09)

Module 4 - The Final Review Process

Introduction to this module and how to use the following tutorials - Importance of review phase (4:26)
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)

Module 5 - CRA Online Services - Represent A Client

The benefits of CRA Online services and how to register for Represent a Client (5:59)
An overview of what is available and what you can do on CRA-s Represent a Client (7:34)
An example of the Auto Fill My Return service (AFR) and how it works within your software (6:56)
The shortcomings of the CRA online services and what is critical that you need to be aware of (6:17)
What can happen if you rely on AFR without actually reviewing the return or doing the return properly (5:49)
Understand how T-slip information may be provided to you by the client vs. what is on the CRA website (6:43)
How you can track requests submitted to CRA once you have requested adjustment or documents (2:45)

Module 6 - T1 Adjustments - Making Changes to Filed Returns Using Online Services

The differenec between re-file and T1ADJ (4:24)
How to adjust a client's tax returns when something was missed - T1 Adjustments (4:33)
Example of the T1 ReFILE process and what happens (7:00)
Online T1 Adjustments using the Represent A Client or My Account function (4:32)
What you can and cannot adjust or ReFile on personal tax returns (5:08)
Make sure you examine the ramifications of the adjusted returns (5:45)
Quick tip on filing for the Disability Tax Credit certificate to speed up the process (3:20)
A look at the current landscape and process for filing adjustments on Represent a Client (5:16)

Module 7 - Filing Manual T1 Adjustments - Understand the Process

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)
Be aware of the implications and ramifications of filing a T1ADJ (7:05)

Module 8 - 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)
Filing an objection through CRA's online services (2:38)
If you prepare business returns, you may have to deal with auditors (2:54)

Module 9 - Managing Your Clients' and Your Risk When Dealing with CRA

The current environment when dealing with CRA (6:16)
What clients expect of accountants - expectation vs reality (5:01)
Knowing when to seek professional advice and expertise (3:50)
An overview of the process for dealing with CRA during the audit process (6:46)
Tips tricks and traps when dealing with CRA auditors (11:39)
Writing to the CRA and ensuring what you say can-t be used against client (4:21)
Process for negotiated settlements with the CRA on client-s behalf (4:10)
What is a tax waiver and the pros and cons of having client sign it (5:53)
What if the objection was not filed on time - process for extension (3:29)
Dealing with CRA Collections (5:39)
Applying for interest and penalty relief under the fairness provisions (6:56)

Module 10 - Understanding The Appeals Process & the Tax Court of Canada

Tax Court of Canada - Overview of what you need to know (5:55)
Overview of the appeal process and getting to tax court (4:55)
Do you need to have a tax lawyer at tax court - formal vs informal procedure (7:29)
Process of trying to settle the file with CRA lawyers before going to court (6:00)
Example of the work an accountant may be asked to do (8:29)
Informal route - Example of building a solid case and settling (6:23)
Example of a more complicated tax court case and putting the case together (6:11)
Building your business by doing work for tax lawyers (3:52)

Module 11 - Personal Tax Practice Administration & Risk Management

Understanding personal tax return due dates vs payment dates (4:07)
The surprising maze of issues that can arise with instalment payments (5:50)
Filing personal tax elections as part of personal tax return and CRA (5:11)
Understanding pre-assessment reviews and communication with clients (4:29)
Dealing with post-assessment reviews and communications with clients (5:51)
Understanding Re-filed returns and T1 Adjustments (4:02)
Knowing what changes are allowed and disallowed on adjustments and refiling (2:20)
Dealing with tax adjustments and changes once you know they have occurred (4:53)
Making adjustments to a number of previous year returns (4:57)
Understanding how long adjustments take once filed with CRA (3:37)
Electronic filing of T1135 Foreign Income Verification (4:27)
Take extra time and due care on personal information before filing (4:20)

Conclusion & Next Steps

Thank you and where you can go from here (4:49)

An example of the Auto Fill My Return service (AFR) and how it works within your software

Lesson content locked

If you're already enrolled, you'll need to login.

Enroll in Course to Unlock