Personal Tax

Course Overview

The personal tax course responds to the need to prepare students to help Canadian individuals to fulfill their tax obligations honestly and on time. There is a pressing need to prepare knowledgeable tax professionals to fill leadership roles in tax management.

The course will prepare students for accurate completion of personal tax returns using current tax software. Using a variety of methods including tax cases, lectures, and internet research, students will be able to prepare a comprehensive personal Canadian tax return using a professional tax software program.

Basic principles of tax planning and compliance with relevant tax legislation and regulations are stressed in the course. The course will provide opportunities to master the new Canada Revenue Agency (CRA) technologies that are significantly challenging to individuals.

Learning Objectives

After completion of the course, you’ll be able to understand federal and state tax laws, conduct a thorough taxpayer interview, offer tax advice, and comply with ethical and due diligence obligations for tax preparers.

Tax planning to maximize tax refund

• Child support and spousal support

• All about RRSPs rules, contribution limit

• Profession fees and union dues

• Childcare 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

Personal Tax Course Curriculum

• Introduction to Canadian Personal Income tax

• Navigating through Profile T1 Tax Software

• Deadlines for filing personal tax returns 

• Completing Client's Profile and Identification - Family members, kids, dependents, parents, grandparents

• Working with common T-slips ((T3, T4, T4A, T5, T4RIF, T4RSP, T2202A, T5013)

• In-depth review of all non-refundable tax credits

• Salary vs. Dividend - tax modeling 

• 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

• Investment Income & carrying charges

• Schedule 9: Donations and gifts

• Schedule 11: Tuition and education amounts

• T2125#: Statement of business activities

• T2125#: Statement of professional activities

• T776#: Rental income

• T777: Employment expenses

• T778: Childcare expenses

• ABIL: Allowable business investment loss

• Loss: Net capital losses

• Loss: Non-capital losses

• Reporting and Taxation of Capital Gain/Loss

• Lifetime Capital Gain Exemption and QSBC shares

• All about RRSP, TFSA, RESP, HBP, LLP, and RDSP

• Support: Support payments

• prepare a personal tax return from start to finish.

• set up a client file and navigate through the profile tax

• Report the different types of income

• Understand tax deductions and tax credits

• Identify and claim non-refundable tax credits

• Claim non-refundable tax credits (public transit, donations, medical expenses, tuition, textbook and education amount, interest on government-provided student loans, etc…)

• Work with various T slips; employment income, investment income (interest, dividends) & other income 

• Understand the common T-Slips, and report capital gains & losses on the disposition of capital property such as shares, buildings, vehicles, etc.

• Report investment income

• Report deductions such as professional fees, carrying charges, childcare, moving expenses, and RRSP

• Report employment expenses

• Report self-employed business income and expenses

• Report rental income and expenses

• Amend T1 and request loss carry back

• Navigate between Canada Revenue Agency and software resources available

Who Will Benefit From The Course?

The target audience for this course is internationally trained accountants, or individuals wishing to begin a career in accounting and taxation. This course is also beneficial for those who are already in the field of accounting but want to increase or update their knowledge. Accountants who are planning to set up their small CPA firm practice. 

So whether you want to learn about tax to minimize your tax liabilities and save a few bucks for your family, or if you want to begin your journey in the rewarding field of personal income tax preparation, then you have come to the right place.

Our personal income tax course is the first step to becoming a tax pro. Gain knowledge and skills required to professionally prepare taxes, and to foster connections that extend far beyond filing a return.