Personal Tax Case Studies - Fundamentals

CPD HOURS FOR THIS COURSE - 6 VERIFIABLE HOURS FOR CPA CPD PURPOSES

If you have taken an Introductory Personal Tax Course or are familiar with personal tax concepts, then you already have the recipes necessary to start preparing dishes. This course will guide you through preparing these dishes, along with the entire meal plan for families. A good chef knows about ingredients, but they are useless unless you use them in dishes. In this course I guide you and show you how to prepare the “dishes” … real world T1 returns.

Understanding the personal tax system is your first step to becoming a proficient tax preparer. However, it is not enough to just know or be familiar with the tax legislation and rules. You have to be able to see these in actions. The way you do that is by preparing real tax returns, studying and filling in all the appropriate schedules and forms, and seeing how everything flows from the paperwork your client provides, to the final product ... an accurate and optimized personal T1 tax return ready to be filed with the CRA.

This course may be geared to beginners, but you'll be surprised at how many topics and issues it covers. Once you have gone through this course, you will have prepared tax returns and understand what needs to be done on up to 80% of client tax returns that you will prepare. These cases were taken from years of experience and thousands of tax returns. You can be guaranteed that the issues and filing questions we cover will be something that you will be dealing with regularly in your practice or business. That being said, there is really no such thing as a "simple tax return" in todays complex tax world. Even this beginner course will throw curveballs at you that will help you tackle the real-world and understand taxes to a greater degree.

Example of content and tax reporting covered in this course:

• Reporting employment income and employment expenses (vehicle allowances, reimbursed & non-reimbursed expenses)
• Rental income property reporting including the sale of a rental property
• Understanding the reporting of investment income including capital gains, foreign income, the foreign tax credit and foreign income disclosures on the T1135
• Business income and critical professional judgement and decision making necessary for T2125 reporting
• Tax returns for seniors, including pension splitting process and optimizing their returns
• Dependent credits for single parents - Caregiver credits for physically or mentally impaired parents
• Claiming medical expenses for children and other dependents
• And more

To see how these all come into play in a real world context, scroll down to the curriculum below to get a glimpse of what is covered in the course. You can watch the introductory video of each case to get a feel for the tax returns, individuals and families that we will be covering int his course. Be sure to click the little down arrow under the chart to make sure you see all the course lectures and access the free case outlines.

So ... rev up and that calculator. Boot up your computer and spreadsheet programs and let's get started.