TaxPrep T1 - Step-by-Step guide to Preparing T1 Personal Tax Return

$299

TaxPrep T1 - Step-by-Step guide to Preparing T1 Personal Tax Return

Advance Personal Tax Course - This course includes up to 25 hours of training material. There are more than 20 training videos, up to 15 case studies (walk-through), several T1 practice cases, presentation/slides and other valuable resources.

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The most comprehensive online course on how to prepare Canadian personal tax returns using a TaxPrep T1 Software.

UPDATED for 2024 T1 PERSONAL TAX RETURNS **Student Version of TAXPREP T1 software is included with the course** Note - T1 software is for study purposes only

Who will Benefit:

This course will benefit individuals who wish to expand or update their Taxprep T1 tax software working knowledge. Practitioners who want to learn how T1 and various tax schedules are prepared using Taxprep. CPAs who have been away from public practice for some time, and are looking for a quick refresher on preparing T1. Accountants who are planning to set up their small CPA firm practice.

This course is also very useful for:

New Grads/Co-ops & CPA students who are applying for entry-level jobs at CPA/CA and public accounting firms.
Freelance Bookkeepers who want to expand their business by providing T1 preparation services.
People who want to do their taxes.
CPA Professionals working in accounting firms
CPA Professionals working in Industry

Learning Objectives

Learn how to prepare a personal tax return from start to finish.
How to set up a client file and navigate through Taxprep
How to create a family profile and identify possible planning opportunities
How to identify and claim non-refundable tax credits
How to claim non-refundable tax credits (public transit, donations, medical expenses, tuition, textbook and education amount, interest on government-provided student loans, etc…)
How to work with various T slips; employment income, investment income (interest, dividends) & income
Understanding the common T-Slips (T3, T4, T4A, T5, T4RIF, T4RSP, T2202A, T5013)
How to report capital gains & losses on the disposition of capital property such as shares, building, vehicles.
How to report investment income
How to report deductions such as professional fees, carrying charges, child care, moving expense and RRSP
How to report employment expenses
How to report self-employed business income and expenses
How to report rental income and expenses
How to amend T1 and request loss carry back

Intermediate Personal Tax Topics

Preparing T1 - 7 step process
Identification and client profile
Working with T-slips
All about Federal Tax Credits
T1 jacket and Schedules
Schedule 1: Federal tax calculation
Schedule 3: Capital gains (or losses)
Schedule 4: Statement of investment income
Schedule 9: Donations and gifts
Schedule 11: Tuition and education amounts

Advance Personal Tax Topics

T2125#: Statement of business activities
T2125#: Statement of professional activities
T776#: Rental income
T777: Employment expenses
T778: Child care expenses
ABIL: Allowable business investment loss
Loss: Net capital losses
Loss: Non-capital losses
RRSP: RRSP deduction
Support: Support payments

Tax planning to maximize tax refund

Child support and spousal support
All about RRSPs rules, contribution limit
Profession fees and union dues
Child care expenses and Moving Expenses
Carrying charges and interest expenses
Home-Office expense
Loss carry back and carry forward
Auto and Travel Expense issues
Lifetime capital gain exemption
Capital Assets and CCA-depreciation

Welcome to the Taxprep T1 Personal Tax Course

General Information

IMPORTANT MESSAGE

Download TaxPrep T1 demo version for free

Download Taxprep T1 Personal tax demo version for free

Presentation Slides & Case Studies - Taxprep Personal T1

Taxation (TEXT BOOK/GUIDE) - Reading material

Additional Reading - Year End Tax Planner

Tax Facts and Figures: Canada

Preparing a Personal Tax return using TaxPrep T1

Introduction to the course

Navigating through TaxPrep T1 Tax software

Completing Client's Profile and Identification

Common tax slips - T4, T5. T3 etc. - Auto Fill My return/TaxPrep Connect

In-depth Review of All Non Refundable Tax Credits

Case Study - Tax Credits: Tuition transfer, Disability Tax Credit for dependent and many more

Tax facts 2024 - 2025

Salary vs. Dividend mix - Tax modelling and scenarios

Reporting of Capital Gain/Loss on disposition of capital property, shares, real property and other assets

Preparing T1A - Request to carry back Capital loss to prior 3 years

How to report and claim Life-time Capital Gain Exemption on QSBC shares

How to claim and report Allowable Business Investment Losses (ABIL)

Basic overview of Capital Gain Reserve and a simple example

Reporting Investment Income & carrying charges - Spousal loans, attribution and planning to avoid attribution

RRSP, TFSA, RESP, HBP and LLP

Employment expenses and Preparing T777

Childcare Deduction

Moving Expenses

T2125 - Business/Professional Income - Self employee income and expense reporting

T776 – Rental Properties & CCA Restrictions

Additional tips and functionalities of TaxPrep T1