Personal Tax Handbook - Rental Income & Deductions

Commonly encountered problem areas with rental income and the CRA review/audit landscape

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Refund Policy: If you are unsatisfied with your purchase or if it is not what you were looking for, contact us in the first 10 days and we will give you a full refund, no questions asked.

This is the second module of the Personal Tax Handbook covering rental income and deductions. This is the first of two modules where we examine the state of taxation in real estate in Canada by looking at the rental income side of reporting. Module 3 in this series covers the other area of increased scrutiny by the CRA, principal residences.

Each course takes an in-depth deep dive into the most frequently encountered situations and frequently asked 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, overviews and methodologies on reporting and completing the tax return covering areas that are often overlooked or misunderstood by many practitioners

2. Tax Advisory & Problem Solving – How to deal with common and tricky situations that do not have easy answers or solutions. CRA guidelines and a number of Court Cases are analyzed and presented to help you formulate a filing position that can be defended at the highest level on any tax return you prepare.

This seminar will cover a number of topics, including the following:

  • Proper reporting of rental income and deductions on the T776 Statement of Real Estate Rentals including reviews on how to complete statements for taxpayers renting out a portion of their principal residence and making a personal vacation property available for rent when not being used
  • Overview and reporting for recapture and terminal loss on rental properties including a discussion on tax implications of claiming CCA on properties and the discussion to have with clients regarding CCA
  • A detailed look at deductible expenses and areas to practice caution including vehicle, travel and home-office expenses in the context of rental income
  • Understanding the challenges and audit issues a taxpayer may encounter when renting out properties or a portion of their home to family members or individuals with whom the taxpayer does not deal at arm's length
  • Understanding the importance of running a rental property in a commercial manner and the threat of having CRA disallow rental losses
  • A methodology and process that you can apply to client files to determine whether an expenses is can be deducted as a current expense, or whether it has to be capitalized and depreciated (CCA)
  • Numerous court cases are examined that you can use as part of your toolbox in your arsenal to take the CRA head in any client tax disputes dealing with rental income

Also provided is a unit on practicing safe rental income tax for your practice. Here we will apply all the concepts outlined in this course to provide you with a number of best practices and practical approaches that you can implement in your practice today to deal with both clients and the Canada Revenue Agency. Given the increasing complexity of tax legislation in Canada, coupled with the aggressive nature of CRA auditors, it is extremely important that we formalize procedures and best practices in our businesses to deal with these situations and protect ourselves by lowering tax practice risk.

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.

Join us for this in-depth seminar and master the area of rental income and deductions when preparing T1 tax returns for your clients.

Your Instructor

Ian DiNovo, CPA, CGA
Ian DiNovo, CPA, CGA

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.

Course Curriculum

Frequently Asked Questions

When does the seminar start and finish?
The seminar starts now and never ends! It is a completely self-paced online seminar- you decide when you start and when you finish. There are no physical classes to attend and you can access the content at any time. If you ever forget a concept or just want a refresher, all you have to do is log in and click on the tutorials to watch them again!
How long do I have access to the seminar?
How does lifetime access sound? After enrolling, you have unlimited access to this seminar for as long as you like - across any and all devices you own. Once you register for this course, you will have lifetime access to all the content including all future updates at no additional cost to you (please note that All Access membership subscribers have access to this course for as long as their subscription). As more relevant court cases, CRA guidelines or statutory changes are available, tutorials will be added.
What if I am unhappy with the seminar?
We would never want you to be unhappy! If you are unsatisfied with your purchase, contact us in the first 10 days and we will give you a full refund. No questions asked. However, if a certificate of completion is granted, refunds will not be issued even if it is within the 10 days period. (i.e. you cannot complete the course, be granted professional CPD hours and then request a refund).
What is the structure of the seminar and how is it taught?
The seminar is presented through a series of bite-sized tutorials, similar to the fundamentals courses at Canadian Tax Academy. This allows students to do 2 things. First, they can learn the concepts at their own pace. Second, they can come back and easily find a tutorial when they need a refresher. This also allows the instructor to easily update the course when there are changes.
How often is this module updated?
The modules are reviewed and updated, where necessary regularly throughout the year to keep up with changing tax legislation. I also update the seminar with any new budget information that is important to the specific module where appropriate. Once you sign up for this module, you will have permanent access to all the tutorials, including updates. This course is evergreen, which means that it teaches you tax concepts that are applicable to any personal tax year.
Is this course eligible for PD credits? Do you issue certificates?
Yes, a certificate of completion will be automatically issued to you once you have watched all the videos in this module. This course provides you with 4.0 hours of CPD which are considered verifiable hours for annual CPA CPD purposes.

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