Comprehensive Personal Tax Training
Over 20 Hours of Expert Video Instruction
Regular Price: $399. Current Promotion: $229
(all sales taxes included in this price)
If you purchase this course you will receive lifetime access to all future updates at no additional cost. This course is updated annually to reflect the latest tax laws and guidelines. This course can also part of our Annual Membership Plans.
Updated for 2023 T1 Tax Returns
Earn 20 Verifiable CPD Hours for CPA Designation
Our course offers a valuable resource for personal tax preparation throughout the year. The instructional approach remains relevant regardless of the tax year, ensuring you are always equipped with the knowledge you need.
How the Course is Taught
Over 20 Hours of Content: Learn from a CPA CGA with over 20 years of experience and thousands of tax returns completed.
Practical, Real-World Examples: Gain insights into real-life tax scenarios you will encounter in practice.
Self-Paced Learning: No assignments, tests, or quizzes. Learn at your convenience with lifetime access to the material.
Bite-Sized Tutorials: Focus on the tutorials that apply to your situation or client needs, and revisit content as necessary.
Evergreen Content: The course remains a valuable resource regardless of tax year changes, with annual updates included.
Comprehensive Coverage: Understand the Canadian tax system, T1 tax return forms, schedules, T-slips, income types, deductions, credits, and business income.
CPA & Business Students
Working towards your CPA designation? This course is intended to fill in the gap between the tedious theory and the real world . . This course helps you become job ready so that you’ll be able to impress those managers and partners at the firm you work at by hitting the ground running with personal T1 returns.
Tax Practice
If you are already a professional and perhaps looking to change your career and start preparing tax returns, then this course will serve as a good refresher and provide necessary guidance and skill to make the jump. Canadian Tax Academy courses are designed and developed by professional accountants with professionals in mind.
Bookkeepers
If you are a bookkeeper, you already have your hand on the pulse of your clients. You probably deal with a number of accountants on year-end personal tax planning and work. Why not build your own “T1 Chops” and either do the returns yourself, or at the very least be able to keep up with those accountants and know what’s going on?
Unlock the Secrets to Effortless Tax Returns
Preparing personal tax returns can seem overwhelming, but it doesn't have to be. The complexity of Canadian tax laws can be daunting, yet there's a solution that makes it manageable and straightforward. Did you know that by mastering just 20% of Canadian tax law, you can effectively handle 80% of personal tax returns? Most Canadians face relatively simple tax situations, and with the Canadian Tax Academy, you can confidently prepare your own returns or those for your family and clients.
Why Choose the Canadian Tax Academy?
Ease Your Tax Preparation: With our course, you'll gain the knowledge and skills to tackle the majority of tax returns with ease. Say goodbye to the stress and confusion of tax season.
Expert Instruction: Learn directly from a seasoned CPA CGA with over 20 years of experience and thousands of tax returns completed. You'll benefit from real-world examples and practical advice that you can apply immediately.
Comprehensive Learning: Our course covers everything you need to know, ensuring you're well-equipped to handle various tax situations. Whether you're a beginner or looking to refresh your skills, this course is perfect for you.
Why It's Important to Learn From the Experts:
Complexity and Confusion: Tax laws can be intricate, but our course breaks down the complexities into understandable segments, making it easier for you to grasp.
Fear of Making Mistakes: Mistakes in tax preparation can be costly. Our step-by-step tutorials and real-world examples help you avoid common pitfalls and ensure accuracy.
Time-Consuming Process: Tax preparation doesn't have to take over your life. Our efficient learning modules and practical tips streamline the process, saving you time and effort.
THE CANADIAN TAX SYSTEM & T1 FORMS/SCHEDULES
Your first step will be to understand how the Canadian tax system works. Who needs to file, due dates, Notice of Assessments, Notice of Reassessments. You'll have tax pro knowledge in no time
Best of all, you'll never be caught off-guard with a form or slip that you don't understand or never seen. We update the course every year to cover any new forms & slips
EMPLOYMENT INCOME & EXPENSES
Dive into our expertly designed module, where you'll master the intricacies of the T2200 Declaration of Conditions of Employment and the T777 Statement of Employment Expenses.
WHAT YOU WILL LEARN
Decoding the T2200 Form: Learn how to interpret and complete the T2200 form, Understand the criteria for employees to deduct employment expenses
Mastering the T777 Form: Get step-by-step instructions on how to fill out the T777 form. Discover how to claim deductions for employment expenses, from home office costs to travel expenses to ensure deductions are maximized.
Eligibility Criteria and Common Deductions: Identify which employment expenses are deductible and under what conditions. Explore common deductions such as home office expenses, vehicle expenses, and supplies, ensuring you don't miss out on potential savings or claim expenses that will be disallowed by the Canada Revenue Agency (CRA)
Investment Income
Optimize your investment returns with our module on Investment Income Reporting. Learn to accurately report interest income, dividends, and deductible investment expenses. Understand tax implications and compliance requirements to maximize your savings. Gain expert insights to manage your investment income efficiently.
Capital Gains & Losses
Master the essentials of calculating capital gains and losses with our comprehensive module. Learn to determine the cost and adjusted cost base, report transactions accurately. We'll show you how to carry capital losses forwards and backwards. You'll also understand how to calculate the cost base of mutual fund holdings.
Sale of Principal Residence
Navigate the complexities of selling a home with our tutorials on claiming the Principal Residence Exemption. Learn to calculate and claim the exemption, understand eligibility criteria, and minimize tax liability. You'll also understand which properties qualify as a principal residence and which don't. CRA is now reviewing PRE claims.
RENTAL INCOME & DEDUCTIONS
Understanding Rental Income: Gain a comprehensive understanding of rental income. Learn to accurately report various types of rental income, including renting a portion of a principal residence, a vacation residence that is rented out.
Identifying Deductible Expenses: Discover the wide range of deductible expenses to reduce taxable rental income. From mortgage interest and property taxes to maintenance and repairs, we cover all eligible expenses.
Navigating the T776 Form: Receive step-by-step guidance on completing the T776 Statement of Real Estate Rentals. Understand each section of the form and ensure you capture all relevant information to maximize your deductions.
Claiming Capital Cost Allowance (CCA): Delve into the details of Capital Cost Allowance (CCA) and how it applies to your rental property. Learn to calculate and claim CCA to depreciate the value of your property and reduce your tax burden.
Managing Multiple Properties: Explore strategies for managing and reporting income and expenses from multiple rental properties. Learn how to consolidate your records and report them accurately on your tax return.
Allowable Deductions
Unlock the skills that allow you to maximize tax deductions with our comprehensive module. Learn to identify and claim eligible expenses, from RRSP, moving and child care expenses. Gain expert tips and avoid common pitfalls and avoid missing out on lucrative deductions to reduce your taxable income
Personal Tax Credits
Discover how to maximize tax savings with our module on tax credits. Learn about available credits, including spousal and dependant credits, the tuition credit, medical expense tax credit, and many more. You'll also understand how to claim them effectively. Gain insider tips to reduce your tax liability and boost your refunds.
Foreign Income Reporting
Master the complexities of foreign income reporting with our T1135 and foreign tax credits tutorials. Learn to accurately report foreign assets, understand compliance requirements, and avoid questions and harsh penalties. Gain expert insights on completing the T1135 form and ensure full compliance with CRA regulations.
BUSINESS INCOME & DEDUCTIONS
Gain a thorough understanding of what constitutes business income. Learn to accurately report various types of income, including sales, services, and other business-related earnings.
Identifying Deductible Expenses: Discover the wide range of deductible business expenses reduce taxable income. From office supplies and salaries to marketing and travel expenses, we cover all eligible deductions.
Record-Keeping Best Practices: Learn the importance of meticulous record-keeping and the documentation required to support your business income and deductions. Get tips on organizing your receipts, invoices, and financial records for seamless tax filing.
Navigating the T2125 Form: Receive step-by-step guidance on completing the T2125 Statement of Business or Professional Activities. Understand each section of the form and ensure you capture all relevant information to maximize your deductions.
Managing Capital Expenses: Delve into the details of capital expenses and how they differ from current expenses. Learn to calculate and claim Capital Cost Allowance (CCA) to depreciate the value of your business assets and reduce your tax burden.
Handling Business Losses: Explore strategies for managing and reporting business losses. Learn how to carry forward or carry back losses to offset income in other years and reduce your overall tax liability.
Expert Tips and Common Pitfalls: Get insider tips on avoiding common mistakes and pitfalls when reporting business income and claiming deductions. Ensure your tax filings are compliant with CRA regulations and avoid potential audits.
Frequently Asked Questions
When does the course start and finish?
The course starts now and never ends! It is a completely self-paced online course - 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!
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 14 days and we will give you a full refund. No questions asked. However, if a certificate of completion is requested and granted, refunds will not be issued even if it is within the 14 day period. (i.e. you cannot complete the course, be granted professional CPD hours and then request a refund).
How long do I have access to the course?
Your access depends on whether you purchase this course outright, or whether you are a member of one of your All Access plans. If you directly purchase this course, you have unlimited access to it for the lifetime of the course, including all future updates - across any and all devices you own - at no additional cost.
If you are a member of one of our Annual Membership Plans, then you will have access to the most current and up-to-date version of this course for the duration of your membership.
How often is the course updated?
The course is updated on an annual basis to keep up with changing tax legislation. I also update the course with any new budget information that is important to the course content throughout the year when applicable.
Once you sign up for the course, you will have permanent access to all the tutorials, including updates. Updates are posted by the end of January each year for the current year's T1 tax season.
How is the course taught?
The course is presented though a series of bite-sized tutorials. 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.
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 arsenal not only now, but in the future as well. There are no tests or exams to pass.
Is this course eligible for PD credits? Do you issue certificates?
Yes, a certificate of completion will be automatically issued to you once the course is completed. The system will issue a certificate once you have watched all the tutorials. It will be available in the courses dashboard and emailed to you for download (provided you have opted-in to have emails from Canadian Tax Academy)
Curriculum (Click the Arrow to See All the Tutorials)
- The teaching approach and learning methodology for this course (6:09)
- A note on Provincial taxes, returns and associated schedules (4:13)
- COURSE NOTES & MANUAL - Download course notes and manual and how to use them (4:17)
- Additional comments and suggestions on how to use the notes
- ** ANNUAL UPDATES ** - Instruction video on how to access this year's current update (2:16)
- Who must file a tax return (3:23)
- Why you should file an income tax return (5:46)
- The Canadian tax system and how it works (3:42)
- Deadlines for filing personal tax returns (6:00)
- Filing penalties and interest for late filed returns (4:41)
- Instalment payments and when they should be made (3:53)
- E-filing of personal tax returns and the e-file system (4:10)
- The marginal tax rate system in personal tax (5:14)
- Example illustrating marginal vs. personal tax (6:06)
- Another important tax concept - Tax deductions vs. tax credits (4:51)
- Examples of a tax credits and tax deductions (4:14)
- Notice of Assessments and their importance (5:09)
- An example of a Notice of Assessment (NOA) (3:51)
- Notice of Reassessments issuedd by CRA and their Importance (4:04)
- Example of a Notice of Reassessment (4:38)
- Some resources on Provincial tax brackets for your reference (5:02)
- CRA Online services and an overview of the system (4:36)
- Introduction to tax forms and information slips (2:49)
- The T1 General Return (10:48)
- Schedule 2 - Amounts transferred from spouse (2:41)
- Schedule 3 - Capital gains and losses (3:37)
- Principal Residence Dispositions - Schedule 3 - 2016 & Future Years - Disclosing Sale of Principal Residence (2:29)
- Schedule 5 - Details of dependants (3:49)
- Schedule 6 - Canada Workers Benefit (2019 & later) - formerly Working Income Tax Benefit (Pre 2019 returns) (3:02)
- Schedule 7 - RRSP worksheet and activity (4:38)
- Schedule 8 - Canada Pension Plan (CPP) Contributions & Overpayment (4:03)
- Schedule 9 - Donations and Gifts (2:08)
- Schedule 11 - Tuition worksheet (2:43)
- Schedule 13 - Employment Insurance Premiums on Self Employment (2:06)
- Schedule 15 - FHSA Contributions, Transfers and Activities (2:39)
- Provincial Forms and schedules and web link to find information on Provincial credits (6:17)
- Slip system of reporting income on the T1 personal return (6:33)
- Reporting information from T-slips into tax software (2:46)
- The T4 slip - The statement of employment income (6:40)
- The T4A slip - Statement of Pension, Retirement, Annuity, and Other Income (4:10)
- The T4E slip - Employment insurance and other benefits (3:34)
- The T5018 slip - Statement of Contract Payments (3:39)
- The T5007 slip - Statement of benefits - Social security (2:40)
- The T4A(P) and T4A(OAS) slips - CPP and OAS retirement pension slips (4:34)
- The T4RSP slip - Statement of RRSP Income (4:07)
- The T4RIF slip - Statement of Income From a Registered Retirement Income Fund (3:27)
- The T4FHSA Slip - First Home Savings Account Statement (2:26)
- The T3 slip- Statement of Trust Income Allocations and Designations (5:28)
- The T5 slip - Statement of Investment Income (4:50)
- The T5013 slip - Statement of Partnership Income (3:54)
- The 5008 slip - Statement of Securities Transactions (4:59)
- The T2202A slip - Tuition and enrolment certificate (3:49)
- The Auto Fill my Return service offered by Canada Revenue Agency (6:50)
- Employment income - What is included (7:17)
- Recording employment on the T4 slip and T1 (8:37)
- Items to watch for on the T4 slip and how to avoid common errors (5:22)
- Employment amounts reported on the T4A and T4PS slips (3:34)
- Reporting amounds for casual labour, tips/gratuities and odd jobs when not reported on a slip (7:08)
- Reporting tips, odd jobs and labour on the T1 return (4:22)
- Wage-loss replacement plan reporting (4:42)
- CPP and EI premiums and tax credits (7:31)
- Filling out the Schedule 8 and T2204 for CPP and EI overpayments (4:30)
- Employment expenses - What cannot be claimed (4:07)
- Employment expenses - Who can claim them and how (5:01)
- The T2200 form - Review of the declaration of conditions of employment (7:15)
- The T777 form - Statement of employment expenses (4:07)
- An overview and the framework for deducting employment expenses on the T1 (5:11)
- Example of a simple T2200 and T777 with vehicle expense deductions (8:08)
- Overview of the two different types of vehicles allowances and tax implications (3:30)
- What if a vehicle allowance is received? - how to factor in reimbursements (4:29)
- What if a non-taxable kilometre allowance is received from the employer? (5:20)
- An overview of home office expenses - What you can claim and what you cannot claim (5:50)
- Criteria and process for deducting home office expenses for employees (5:59)
- Example of home office expense deductions on the T2200 and T777 (3:44)
- Example of a straight forward T2200 and T777 with other expenses (7:05)
- Example of a T2200 and T777 with reimbursed expense (8:19)
- Additional eligibility for expenses for commissioned salespeople (6:04)
- Example of a T2200 and T777 for a commissioned salesperson (7:28)
- Expenses that you cannot deduct as an employee and other various items to be aware of (8:36)
- Filing requirements for employment expenses - What you need to file with CRA (2:37)
- CRA Guide T4044 For Employment Expenses (2:44)
- Interest income and interest producing investments (4:28)
- Reporting interest income from T5 slips (3:28)
- How to handle joint account and recording income properly (5:14)
- Reporting joint account interest on the T1 return (3:06)
- Best practice for allocating and reporting various percentage of income reported on T-slips (6:55)
- Dividend income and the different types of dividends (6:43)
- Reporting ineligible dividends income and tax credits (4:20)
- Reporting eligible dividend income and tax credits (4:16)
- Introduction to capital gains and losses (4:02)
- Capital gain and loss tax rules (5:03)
- Examples of capital gain and loss calculations (4:09)
- Completing schedule 3 and reporting capital gains on the T1 (4:46)
- Reporting capital losses on the Schedule 3 and carry-forward balances (5:35)
- Calculating gains and losses on multiple purchases or lots (3:52)
- Issues with gains and losses on mutual funds (3:54)
- Example of capital gain on mutual funds (4:32)
- Complicating factors with mutual funds and where to find help (6:04)
- Capital loss carryback and carryforwards (4:00)
- Capital loss carryback example & how to fill out the T1A form (7:13)
- The Principal Residence Exemption (PRE) formula and how it works (3:43)
- Reporting on the sale of principal residences and claiming Principal Residence Exemption (5:23)
- Example showing the disposition of the principal residence on the T1 (6:30)
- New for 2023 & Future Returns - The Property Flipping Rule for disposition of residences in 2023 and future years (3:52)
- Foreign income reporting and verification - Introduction to the T1135 (5:48)
- What is Specified Foreign Property and what needs to be reported (5:54)
- What are the exemption to Specified Foreign Property that are not reported (5:38)
- A review of the T1135 form and overview of the simplified and detailed methods (11:58)
- Some common scenarios and how to report foreign income (10:14)
- Checking verifying and reconciling the informaton on the T1 and the T1135 (6:50)
- Some good news on detailed method reporting for many individuals (5:54)
- The basics of rental income - What is captured in rental income? (3:51)
- Rental income or business income? - There are significant differences (4:42)
- The T776 Statement of Real Estate Rentals (6:16)
- What if there is more than one rental property? Do I need forms for all of them? (4:27)
- The accrual and cash methods of reporting income (6:48)
- Rental expenses and what cannot be deducted (7:04)
- Interest on mortgages, loans and lines of credit (5:04)
- How to apply rental income losses on the tax return (6:29)
- Common expenses for rental properties - Direct expenses (4:25)
- Other deductible expenses that you may be eligible to deduct (7:31)
- Capital expense vs. repairs & maintenance - what you can deduct vs what you capitalize (4:16)
- CRA administrative guidelines on repairs and capital (4:38)
- The rules for deducting motor vehicle expenses for rental income (8:01)
- Renting out a portion of your home and the expenses that can be deducted (3:17)
- Preparing the T776 for a property rented out and used for personal purposes (6:49)
- Selling your home when you've been renting out a portion (4:30)
- Renting out a vacation or other personal property (4:00)
- Preparing the T776 when a vacation or cottage property is rented out (4:54)
- Prefix to Capital Cost Allowance (New for 2022 & Forward) - Summary of recent changes to the rules (5:23)
- Introduction to Capital Cost Allowance (CCA) (5:39)
- New Accelerated Investment Incentive to consider and teaching approach (7:15)
- The rules for calculating capital cost allowance (CCA) (4:02)
- Filling out the CCA schedule on the T776 for the regular rules (3:09)
- Applying the new AII rules on the CCA schedule on T776 - late 2018 & later years (5:02)
- 2022 Immediate Expensing Program - Rules and eligible assets (5:14)
- 2022 Immediate Expensing Program - Example of appliance purchase on T776 (4:11)
- Combining the Immediate Expensing and AIIP Program Rules (4:55)
- Additional CCA rules for rental properties (5:39)
- Example of claiming CCA and the rules to stop losses (4:02)
- Capital cost allowance on appliance and furniture (3:45)
- Rules for claiming capital cost allowance (CCA) on land (3:20)
- Example of a capital gain on sale and disclosure on Schedule 3 (4:11)
- Selling a property when CCA was claimed as an expense - Recapture rules (3:27)
- Example of reporting recapture of CCA on the T776 and tax return (6:33)
- Terminal loss rules for CCA and application to rental properties (2:00)
- Example of a terminal loss and how to report on the T776 and T1 (3:19)
- Factors to consider when deciding whether to claim CCA and caution when advising clients (4:41)
- The basics of Registered Retirement Savings Plans (RRSP) (4:37)
- Where do I find my RRSP contribution limit? (5:27)
- RRSP contribution, withdrawal rules and annual RRSP contribution limits (8:35)
- Example of RRSP contributions and how to report on the T1 (7:39)
- Undeducted RRSP contributions (4:47)
- Example of undeducted RRSP contributions (4:30)
- Where the CRA reports your unused or undeducted RRSP contributions (3:01)
- The rules for making spousal RRSP contributions (6:52)
- General information on the application of tax credits (5:33)
- Useful resource & the difference between the tax credit and the actual tax savings (5:23)
- How to claim tax credits on software on credits we have examined thus far (5:37)
- Transferring unused non-refundable tax credits to a spouse (4:08)
- Refundable vs non-refundable tax credits (4:31)
- The age amount credit (3:01)
- Pension income credit (5:06)
- The Multigenerational Home Renovation Tax Credits - Who can claim it? (6:17)
- The Multigenerational Home Renovation Tax Credit - Qualifying Renovations (8:08)
- Multigenerational Home Renovation Tax Credit - Example of using the Schedule 12 to determine eligibility (7:44)
- Interest tax credit on student loans (2:51)
- Tuition tax credits and the recent changing landscape both Federally & Provincially (6:10)
- Claiming tuition, education and textbook credits on Schedule 11 (5:56)
- Tranferring tuition, education and textbook credits to parents or grandparents (4:01)
- Example of how to transfer tuition to a parent or grandparent (5:26)
- The disability tax credit and how to apply and claim the credit (4:37)
- An example illustrating how to claim the disability tax credit (7:53)
- Rules for transferring the disability tax credit to other individuals (3:49)
- Example of transferring the DTC to an eligible person (4:34)
- Rules for claiming the donation credit (5:54)
- Claiming donations and filling out Schedule 9 (6:11)
- Federal and provincial political donation tax credits (4:11)
- Adoption tax credit (4:36)
- Business income reporting issues - personal businesses vs incorporated businesses (4:48)
- A review of the personal tax business form - The T2125 Statement of Business Activities (5:15)
- The basics of business income and what you need to report it properly (5:58)
- Be aware of the pitfalls and dangers of large or consistent losses and hobby businesses (5:50)
- Are the expenses reasonable? Or will they trigger a review or audit with CRA (6:10)
- The GST/HST account and rules that you need to know for businesses (5:27)
- Business registration and other acounts you may need to open (6:46)
- Beginning our look at expenses and my approach to teaching the content (2:26)
- Advertising and promotion expenses (4:34)
- Meals and entertainment expenses and what to be aware of (4:35)
- Claiming a bad debt expense when customers do not pay (2:57)
- Insurance expense deduction (3:28)
- Interest expense deduction (3:37)
- Office stationary & supplies expense and Office expense (3:24)
- Rent expense for leased premises and other equipment (2:56)
- Expenses for properties that are owned by the business - Utilities - Property Tax (3:42)
- Salaries and wages expense (4:00)
- Example of reporting salaries and wages expense on Line 9060 (2:44)
- A brief review of other deductible expenses and areas to watch out for (5:27)
- Other expenses that cannot be categorized but you want to disclose separately (1:39)
- Rules for deducting vehicle expenses on business returns (2:56)
- Example of vehicle expense calculation and using the Vehicle Expense Worksheet (5:48)
- CRA prescribed limts for CCA and interest expense (5:02)
- Maintaining a mileage log and its importance during a CRA review or audit (3:28)
- The prescribed rate method and whether it can be used for proprietorships (3:46)
- Some issues you may come across and how to deal with them (5:40)
- An example illustrating the reporting of vehicle expenses for two vehicles (3:10)
- Revisiting the Immediate expensing rules covered in rental income module (3:59)
- Capital Cost Allowaance (CCA) rules for depreciation (5:13)
- CCA classes and rates of write-off (5:34)
- Example of new asset purchases and filling out the CCA schedule (5:12)
- The pool system of additions and disposals of assets and calculating CCA (4:07)
- Some examples of how pool system works with dispositions and additions (5:59)
- Terminal loss rules and how to calculate and show on T2125 (4:17)
- Recapture rules and how to calculate and show on T2125 (3:32)
- Example of claiming CCA on vehicles - Class 10 and 10.1 and prorating for business vs personal use (5:32)
- Example of immediate expensing on a number of assets purchased (6:48)
- The Canada Working Benefit refundable tax credit - formerly the WITB (5:39)
- Example of Schedule 6 and filing for the Canada Workers Benefit (WCB) (5:58)
- Canada Workers Benefit - Overview of the program and the RC 210 slip (5:15)
- Canada Workers Benefit - Reporting the CWB prepayment on the T1 Return (7:04)