Knowing when to seek professional advice and expertise

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)

Knowing when to seek professional advice and expertise

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