Personal tax – Compliance and planning in T1 preparation

General objective

A wide variety of issued are encountered in the preparation of Canadian personal income tax returns. This training activity addresses technical and practical issues arising from these diverse issues, to better prepare the participant to prepare and/or review personal income tax returns. Participants will gain an overall understanding of tax compliance issues, enhancing their ability to prepare complete and accurate tax returns, and to identify and address planning opportunities which arise in the preparation of personal income tax returns.

This training activity provides participants with a broad overview of the income tax issues which can impact taxpayers filing their personal tax returns. It provides a comprehensive review of income tax compliance and planning issues relevant to the preparation of Canadian personal income tax returns. The training activity materials provide greater depth of discussion, particularly in more complex areas or areas less frequently encountered in practice, and are intended as an ongoing reference source for participants. 

The training activity does not address the completion of the tax return forms themselves, as the forms regularly change, and as tax returns are generally prepared in computer software, and not with manual forms.


Objectives

By the end of this course, participants will be able to:
  • identify and evaluate issues impacting personal income tax filings;
  • analyze income tax issues for appropriate personal tax reporting;
  • assess tax planning alternatives arising in the course of preparing personal income tax returns.

Topics

  • Liability for tax
  • Employment income
  • Retirement income
  • Income from property
  • Income from business
  • Capital gains and losses
  • Other income and deductions
  • Personal tax credits
  • Computation of tax
  • Administration and disclosure
  • Québec specifics

Target audience

The training activity is designed for professionals who want a refresher on personal tax preparation matters, those who have been away from personal taxes for some time and want an understanding of the issues which may arise in personal tax return preparation; or professionals seeking to build on their foundational (pre-certification) knowledge of personal tax issues.

In this training activity, tax planning matters are limited to those which can be implemented in the course of preparing the tax returns, and not broader tax planning which is undertaken on a more proactive basis. Participants wishing a more detailed review of personal tax planning issues may wish to consider attending the Personal Tax – Review of Tax Planning training activity.

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