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Personal Tax Preparation Bootcamp

Intensive Masterclass on T1 Preparation

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This is a fast paced course on the preparation of T1 personal tax returns for those who have a good knowledge of personal tax concepts. We take the knowledge you have gained from introductory tax courses and put it to work in a “bootcamp” style delivery.

This course is perfect for accountants, business students or bookkeepers looking to get into tax preparation or public practice by helping you check three critical elements of the “To Do” list towards addressing the personal tax learning curve.

First, the modules are developed and delivered to provide you with a full review of the tax rules and issues pertaining to each type of tax return category. In this course I methodically take you through more than 15 tax returns curated from real world situations. Additionally, many of these returns go through different “What If” scenarios to help you build your knowledge of important tax rules and concepts. This will help you better understand the intricacies and details of certain tax rules particularly with respect to tax credits.

Second, I provide you with the best practices in each of these areas, including the most frequently encountered questions, mistakes and issues encountered in a real world practice. You will save yourself frustration and stress when dealing with both clients and the Canada Revenue Agency (CRA) by implementing these best practices developed over 20 years of practice and thousands of personal tax returns.

And finally, a thorough review of tax software and related worksheets is provided to enable you to easily navigate all the forms and schedules so that you can become as quick and efficient. As part of this course, you will be able to register with Intuit as a student and download a fully functional student version of their Profile professional tax software that you will have access to until the end of 2019.

MODULE 1 – EMPLOYMENT INCOME

A review of clients with employment income including an in-depth look of employment expenses and the most frequently encountered problems with employment deductions. We examine 2 different T2200 forms to illustrate the situation where one employee is entitled to deduct expenses, while the other is not. Knowing these differences is essential in filing tax returns properly and avoiding audits and reassessments by the CRA.

MODULE 2 – FAMILY TAX RETURNS

We look at a series of topics and questions related to family tax returns including a detailed review of deducting child care expenses, and claiming eligible dependants for single parents along with the tax implications of spousal and child support payments. Also examined are the new Canada Caregiver amount credits and how to apply the new rules properly to the most common situations. Scenarios involving tuition and students are also reviewed including tuition transfers and all the need to know intricacies of families with children in post-secondary institutions.

MODULE 3 – INVESTMENT TAX RETURNS

This module examines the reporting issues related to investment income, including common errors and oversights with T-slips, reporting capital gains and losses, issues with splitting investment income all practitioners should be aware of and other common reporting scenarios encountered with investor clients. Also reviewed are capital loss carrybacks and the special reporting rules for T1135’s and reporting income from foreign properties. We also go over scenarios involving rental properties, renting out basement apartments and the issues with respect to CCA its effect on the principal residence exemption and sale of rental properties.

MODULE 4 – TAX RETURNS FOR SENIORS

While senior tax returns are relatively straight forward in terms of the preparation process, there are a number of tax planning factors that are often overlooked or ignored that could have a significant impact on the cash flow and tax planning for our senior clients. In this module, we take you through the step by step process of preparing their returns including an in-depth look at pension splitting and the interaction of credits and deductions to come to the most optimal tax scenario and tax savings possible. Also reviewed in depth are the issue with respect to the OAS clawback and strategies to deal with it including the common situation of a one time clawback in high income years.

MODULE 5 – BUSINESS TAX RETURNS

Business income is a broad topic that encompasses many types of businesses. In this unit, we look at the most common issues practitioners face with their small business clients. To help understand these concepts and issues, we look at a few business returns and T2125 preparation examples, including a landscaping business, an Uber driver and the related issues and FAQ’s with respect to expenses and Class 10 vs. Class 10.1 vehicle challenges, and the reporting requirements related to CPP and the EI opt-in provisions for Employment Insurance special benefits.

So buckle up and look over the shoulder of a seasoned tax preparer as we tackle all of the above issues in a real-world, tax practice context.


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 15 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 course start and finish?
The course is completely delivered via online tutorials. You will gain immediate access and can access the course 24 hours per day, 7 days per week. Once you watch the course, you can come back for refreshers as many times as you like.
How long do I have access to the course?
You will have lifetime access to this course for as long as the concepts covered are relevant. The course focuses on reporting concepts and issues that are 'evergreen' in nature. As tax rules change, the course will be updated to take any new rules into account
What if I am unhappy with the course?
We would never want you to be unhappy! If you are unsatisfied with your purchase, contact us in the first 30 days and we will give you a full refund.
Is this course eligible for PD credits? Do you issue certificates?
Yes, a certificate of completion can be requested once you complete the course. Once we verify that you have actually watched the tutorial videos in our system, we will issue the certificate via email for your records. This course is considered verifiable for CPA professional development purposes. It is 8 hours in length and a certificate with verifiable PD hours will be issued for this number of hours.
Are there any tests, quizzes or exams?
No. This is not a certification course. It is for your own self-development and will be a valuable asset in your tax aresenal not only now, but in the future as well. There are no tests or exams to pass.
How often is the course updated?
The course covers the fundamentals of T1 reporting, tax rules and common issues encountered that will apply to any tax year that you are preparing. It does not focus on the detailed tax credit or deduction amounts for a particular year. Instead the instruction centres around concepts, reporting and tax issues that apply to all past and future years.
How is the course taught?
The course is presented though a series of bite-sized tutorials. This allows students to do 2 thing. 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.
Is there any tax software included?
Yes, as part of this course, you will be able to register with Intuit as a student and download a fully functional copy of Profile which is tax software used by many professional accounting firms and tax preparers. You will have full access until December 31, 2019. The only thing you will not be able to do is file any tax returns with the software (any physical prints will be marked with "Draft").

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