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Module I – Employment Income & Deductions
This is the first module of the Personal Tax Handbook covering employment income and deductions. Without a doubt, this area has been the most frequently reviewed and re-assessed by CRA on personal tax returns over the last few years.
CRA has reported that over two-thirds of reassessments in this area are simply due to preparers not properly applying the T2200 to the tax return. Don’t get caught in this group and help your clients avoid reassessments and penalties for not claiming employment expenses properly.
questions in personal tax preparation. Thee course methodology follows a two-stage teaching approach meant to give practitioners the tools required to file tax returns and advise clients on critical tax reporting and compliance matters.
These two stages are:
1. Preparation Tips, Tricks & Traps – Best practices and methodologies on reporting and completing the tax return covering areas that are often overlooked or misunderstood by many practitioners
This seminar will cover a number of topics, including the following:
- What happens if a client does not have a T2200? Are they still able to deduct employment expenses?
- What can we do if an employer refuses to provide a T2200? What is our role as an advisor and preparer in these situations?
- Are we able to prepare T2200 for clients? Is there any role we can play to help our clients get deductions they may be entitled to?
- Understanding how to ‘decode’ the T2200 Statement of Conditions of Employment and ensuring that the T777 is being properly filed
- Overview of the various vehicle allowance and reimbursements and how to properly account for and deduct vehicle expenses on the T777
- Rules and nuances when claiming home-office deductions on the T777 – it’s not as straight-forward as you think
- Understanding how the GST/HST Employee Rebate including examples for a salaried and commissioned salesperson
- Court cases, CRA commentary on various employment expenses including issues on paying an assistant, the problem of “items consumed” when claiming expenses
- What if a client works from home and has to travel to their employer’s workplace for meetings and other duties? Is the travel from home to work deductible?
This seminar is updated frequently with changes in legislation, CRA documents and guidelines and relevant court cases. This seminar series is developed with the tax practitioner in mind and will be a valuable resource in your personal tax preparation practice. With the growing complexity in the Canadian tax landscape, it is more important than ever to understand how the CRA is assessing and applying existing tax laws.
Ian DINovo is a professional accountant and Director of the Canadian Tax Academy. He has been practicing accounting and offering independent financial and business advice for over 20 years.
He is the creator of a number of courses dealing with business, tax and investment matters that are designed to make difficult topics easy to understand for everyone.
Start1.1.01 - A look at employment expenses vs taxable benefits and overview of T2200 issues (10:56)
Preview1.1.02 - T2200 Conditions of Employment and the most frequently encountered issues (4:25)
Start1.1.03 - T2200 - Are you able to deduct employment expenses without a properly filled out or missing T2200? (13:00)
Start1.1.04 - T2200 - Answering the other common issues and concerns arising from T2200 (8:47)
Start1.1.05 - Common issues encountered when reviewing the T2200 and how to address them (7:55)
Start1.1.06 - Review and samples of a number of T2200s along with analysis and filing requirement (20:15)
Start1.2.01 - Overview of a straight-forward T2200 and T777 employment expense example (9:45)
Start1.2.02 - Adding some complexities with commission income and expenses - vehicle expense options (11:30)
Start1.2.03 - Looking at a what if scenario with a commissioned salesperson - km reimbursement (5:27)