Personal Tax - Tips & Traps

THIS ONLINE COURSE WILL PROVIDE YOU WITH 7.0 VERIFIABLE HOURS FOR CPA CPD PURPOSES

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Are you ready to elevate your Canadian personal tax expertise to new heights? Do you want to prepare returns and advise your clients with more confidence?

After two decades of long hours, late nights and weekends running a tax practice, I have collected dozens of tips, traps and hacks that have helped me quickly and accurately prepare thousands of personal tax returns. They have also helped me keep my clients off CRA radar maps. I have put them together in this course in a more fun and easily digestible format.

Welcome to "Personal Tax - Tips & Traps," a comprehensive online course designed to empower professionals like you with an in-depth understanding of the intricacies of Canadian personal tax preparation in a fun and engaging format. This course is a great addition and next step to our Introductory Personal Tax Course. Put yourself into the shoes of a real tax practitioner and see how difficult it can be to navigate through the world of personal tax practice.

In the world of tax preparation, it's not only about what you know. Actually, it's more about but what you don't know that gets you and your clients into trouble. There is a lot more to tax than filling out a personal tax return. There are twists, turns and traps that, if you are not proactive, can create of lot of headaches and lost unproductive and unprofitable time. This course will help you be proactive and understand what the CRA targets before it becomes a problem for you and your clients. Stop putting out fires and start being the captain of your ship, navigating you and your clients through the choppy waters of today's tax world.

This course can be thought of as a personal tax user's guide that takes you through the most common traps and in today's CRA audit landscape. More importantly, we'll look at ways that you can be proactive, not make these mistakes or what to do when you are forced to deal with them. Here are just a few of the areas we'll be covering:

• Employment expenses are one of the most frequently reviewed and reassessed deduction in personal tax. In this area, small oversights and misunderstanding of the rules can easily be avoided by understanding the intricacies of this often misunderstood and improperly filed claim
• The CRA is targeting real estate and rental income heavily in today's audit environment. Consistent rental losses pose problems for CRA and result in questionnaires, reviews and audits. In this area, you have to dig into the details and understand the challenges of filing rental statements with losses.
• In 2016 the CRA turned the tax preparation and planning world upside down. The funny thing is that not one word of the Income Tax Act was changed. The simple administrative update of report the disposition of principal residences threw the entire community for a loop. We will help you wrap your mind around the requirements of the Principal Residence Exemption (PRE), Section 45 change of use elections and help you demystify this misunderstood area. You will be able to deal with residences with confidence.
• The world of business income reporting has always been a tough area to steer through. Often, accountants and tax prepares are like the captain of a ship having to help business clients sail safely through the rough waters of CRA's audits and their own tax situation. Understand what you are up against with business your self-employed business clients. Did you know that not understanding what type of car your client is driving can result in thousands of dollars of reassessments?
• Claiming tax credits and deductions used to be a straight-forward and simple process. Now, with CRA's most frequent reviews, even claiming the simplest tax credit or deduction can pose problems or questions. We'll look at some of the most common deductions and credits where CRA has a tendency to make changes and adjustments

Who is this course for?

If you already have a good grasp of Canadian personal tax fundamentals (T1 tax preparation) and you're seeking to enhance your skills and knowledge, this course is tailor-made for you. Geared towards professional accountants, financial experts, bookkeepers, and individuals keen on mastering their tax filing obligations in Canada, this course is your key to navigating the complexities of the Canadian tax landscape with confidence.

Unveiling Common Errors and Hidden Pitfalls

Gain a competitive edge by identifying and steering clear of the most common errors that plague both seasoned tax preparers and everyday Canadians. One prominent tax lawyer in Canada recently wrote a professional article stating that Canada's tax laws are becoming so complex that not even tax professional can understand them. Our course sheds light on these pitfalls, showing you how the smallest oversight can lead to significant repercussions. Remember, as I said, it's often the things you don't know in tax that can come back to haunt you. Be armed with knowledge and build your ammunition when dealing with CRA!

Unlocking Tips, Tricks, and Hacks

Our experienced CPA instructor, with over 25 years of invaluable expertise running a professional accounting practice, will guide you through a treasure trove of tips, tricks, and hacks that will change your approach to tax preparation. Not only will you be given critical knowledge that will boost your knowledge and confidence when engaging with the CRA, you will be shown little hacks that will help you manage your tax business and preparation process more effectively.

Learn from the Best

Your instructor, a distinguished CPA with a quarter-century of hands-on experience, has successfully managed a tax practice that has processed thousands of tax returns. Benefit from their wisdom, real-world insights, and battle-tested strategies, as they empower you with the knowledge needed to excel in the world of Canadian personal tax.

Scroll down below to see a list of the tutorials in this course. Don't forget to click on the little down arrow so that you can see the entire course curriculum. Watch the preview tutorials to get s sneak peak at the course content.

Free Updates

This is not one of those courses that you take once and then forget about. We will be updating it as often as necessary with additional tips, hacks and any additional projects or traps we come across as we become aware of new CRA initiatives.