Accounting & Tax Training for CPA students/Step-by-Step Guide Preparing T1 using Profile Tax

  • $299

Step-by-Step Guide Preparing T1 using Profile Tax

  • Course
  • 27 Lessons

Advance Training on T1 Personal Tax Preparation - This course over 10 hours of training material. There are several topic-by-topic tutorial and training videos, more than 12 case studies with detailed walk-through in T1 software, several practice cases, presentation/slides and other valuable resources. CPD hours: 10 Includes Demo T1 Software

Course Description

START to FINISH - The most comprehensive online tax course on how to prepare Canadian personal tax returns using a Profile T1 Tax Software.

SOFTWARE: Student Version of PROFILE T1 software is included  for study purposes only 


MATERIAL: Course material is updated for 2024 Tax Year - But the approach used is evergreen regardless of the tax year you are preparing.

CERTIFICATE: A certificate of completion will be provided upon course completion.

CPD HOURS:  You will earn 10 CPD verifiable hours for CPA PD purposes.

HANDS-ON-LEARNING:  Learn to prepare T1 tax return yourself. The Course includes practical, real-world examples and issues that you will encounter in your everyday life and practice.  

SUPPORT: The course includes unlimited Q&A Help from CPA instructor

WHO WILL BENEFIT: 


This course will benefit individuals who wish to expand or update their Advance T1 tax preparation knowledge using Profile tax software. You will learn how T1 and various tax schedules are completed. Accountants who are planning to set up their small CPA firm practice. 


This course is also very useful for: 


  • CPA students who are applying for entry-level jobs at CPA 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 in Industry looking for a refresher

  • CPAs interested in starting out their own tax practice/side hustle


 

Profile T1 Tax Course Introduction

Welcome to the online T1 preparation training course using Profile T1 tax software

Learning Objectives

Learn how to prepare a personal tax return from start to finish. 

  • How to set up a client file and navigate through Profile Tax 
  • 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) & other 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, etc. 
  • 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 

Course Outline and Objectives

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 
Schedule 9: Donations and gifts 
Schedule 11: Tuition and education 

 

Advance Personal Tax Topics

T2125#: Self Employed Business
T2125#:  Professional activities 
T776#: Rental income 
T777: Employment expenses 
T778: Child care expenses 
ABIL: Allowable business 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 

 

Contents

General Information

Copyright © AK Consulting Inc. (“AKC”)

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, photocopying, electronic, mechanical, recording or otherwise, without the prior written consent of the copyright holder.

 © AKC. All Rights Reserved.
 
Please email support@accountingtraining.ca if you have any questions.
General Information

    Download Profile T1 demo version for free

    Download Profile T1 Personal tax demo version for free
      Other important instructions

        Presentation Slides & Case Studies - Profile Personal T1

        Step-by-Step Guide to Preparing T1 in Profile T1.pdf
        • 1.17 MB
        Additional reference material - Tax Facts - PwC LLP
        • 860 KB
        Additional reference material - Tax Update KPMG LLP
        • 4.16 MB

        Preparing a Personal Tax return using Profile tax T1

        1. Introduction to the course.mp4
        • 25 mins
        • 71.4 MB
        Preview
        2. Navigating through Profile T1 Tax sofware.mp4
        • 15 mins
        • 77.5 MB
        3. Completing Client's Profile and Identification - Family members, kids, dependents, parents, grandparents.mp4
        • 12 mins
        • 50 MB
        4. Case Study 1 - Situation Working couple, young kids, childcare deduction, donations and medial tax credit.mp4
        • 33 mins
        • 173 MB
        5. Common tax slips - T4, T5. T3 etc..mp4
        • 4 mins
        • 13.5 MB
        6. In-depth Review of All Non Refundable Tax Credits.mp4
        • (1h 04m 30s)
        • 202 MB
        7. Case Study 2 - Tax Credits Tuition transfer, Disability Tax Credit for dependent.mp4
        • 17 mins
        • 90.4 MB
        8. Case Study 4 – Salary vs. Dividend - Tax modelling and Four Tax Scenarios.mp4
        • 28 mins
        • 145 MB
        9. Case Study 5 - Reporting and Taxation of Capital GainLoss.mp4
        • 6 mins
        • 29.4 MB
        10. Case Study 6 - Preparing T1A - Request to carry back Capital loss to prior 3 years.mp4
        • 4 mins
        • 23 MB
        11. Case Study 7 - Life-time Capital Gain Exemption and QSBC shares.mp4
        • 9 mins
        • 36.2 MB
        12. Case Study 8 - Allowable Business Investment Losses (ABIL).mp4
        • 7 mins
        • 27.4 MB
        13. Case Study - Capital Gain Reserve.mp4
        • 5 mins
        • 12.3 MB
        14. Case Study 9 - Investment Income & carrying charges.mp4
        • 17 mins
        • 81.7 MB
        15. Case Study 10 - All about RRSP, TFSA, RESP, HBP and LLP.mp4
        • 13 mins
        • 51.3 MB
        16. Case Study 11 - Employment expenses and Preparing T777.mp4
        • 8 mins
        • 34.5 MB
        17. Moving Expenses.mp4
        • 2 mins
        • 7.51 MB
        18. Deduction for Childcare expenses.mp4
        • 4 mins
        • 13 MB
        19. Case Study 12 - T2125 - BusinessProfessional Income.mp4
        • 11 mins
        • 60.9 MB
        20. Case Study 13 - T776 – Rental Properties & CCA Restrictions.mp4
        • 16 mins
        • 79.5 MB
        21. RECAP - Preparing T1 - 7 step process.mp4
        • 6 mins
        • 22.9 MB

        • $999 or 3 monthly payments of $399.99

        T2 Corp, Partnership, T1, GST/HST, Payroll & More

        • Bundle
        • 13 Products

        About Instructor:

        Affan Khalid CPA, CA

        I have over 15 years of experience in Public Accounting, Canadian Tax and International Taxation

        Work Experience
        • Partner in a Midsize Firm
        • Past: Senior Tax Manager at MNP LLP Canada
        • Past: Tax Manager at PwC Canada
        Qualifications and Designations
        • Chartered Professional Accountant (CPA) 
        • Chartered Accountant (CA) 
        • CPA In-Depth Canadian Taxation (Level 1, 2 and 3)
        • CPA In-Depth International Taxation
        • BBA from University of Toronto
        Teaching experience
        • Seminar Leader/instructor at the CPA for Professional Development courses
        • Instructor at the CPA for In-depth Tax program (Year 1 and 2) Group Study and In-residence
        • Instructor at the CPA for Professional Education Program (CPA PEP) courses and modules
        • Instructor at the CPA for CPA Preparatory Courses courses and modules
        • Instructor at the CPA for Capstone 1 and 2 workshops

        I have over fifteen years of experience in providing comprehensive tax planning, consulting and compliance services to both multinationals and Canadian public & private companies in a broad range of industries and sectors. He is responsible for providing Canadian tax advice and compliance services including advising clients on cross-border transactions, mergers and acquisitions, tax planning and compliance, and assistance with Canada Revenue Agency audits. Our instructor obtained his Bachelor of Business degree with a specialization in accounting and finance from the University of Toronto. 


        Feel free to call me at 416-275-6540 or email at support@accountingtraining.ca. You can also Send WhatApp Message.