Personal tax – Compliance and planning in T1 preparation
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Few things cause people more anxiety than income tax. In fact, many accountants even experience challenges in negotiating the slippery slopes of income tax preparation. This training activity provides participants with a broad overview of income tax issues that can impact taxpayers filing their personal returns.
This training activity provides participants with a broad overview of the income tax issues that can impact taxpayers filing their personal tax returns. Specifically, the session presents a comprehensive review of income tax compliance and planning issues relevant to the preparation of Canadian personal income tax returns. Furthermore, this training activity addresses technical and practical issues arising from these diverse issues as a means of preparing participants to prepare and/or review personal income tax returns. The precise content of the seminar depends on class discussion, but attendees will receive reference materials on all topics.
In addition, the seminar identifies and addresses planning opportunities that arise in the preparation of personal income tax returns. While this seminar provides fairly comprehensive coverage, the session excludes discussion about the completion of specific tax return forms due to the constant evolution of these forms and the practical reality that tax returns are virtually always prepared by professionals using computer software. Furthermore, the seminar’s exploration of tax planning matters focuses on those that are, or can be, implemented in the course of preparing the tax returns rather than broader tax planning undertaken on a proactive basis outside of the annual tax return preparation.
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.
- assess the appropriateness of the results delivered by income tax software
- Liability for tax
- Employment income
- Retirement income
- Property income
- Business income
- Capital gains and losses
- Other income and deductions
- Personal tax credits
- Computation of tax
- Administration and disclosure
- Provincial issues
Several groups of professionals will benefit from this session, including:
- Professionals seeking to build on their foundational or pre-certification knowledge of personal tax issues
- Practitioners that require an understanding of issues that may arise in personal tax return preparation
- Professionals seeking a refresher on personal tax preparation matters