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2020 T1 - Step-by-Step Guide Preparing T1 in Profile Tax

Big4 CPA, CA

AK Consulting Inc.

Thursday, July 22, 2021 | 11:00 AM EDT

  • CPA (Canada)

6 Credits

$120

Subject Area

Taxes

Webinar Qualifies For

6 CPD credit (Verifiable) for Canadian CPAs

6 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

This CPE webinar provides participants with working/practical knowledge of preparing personal tax returns. This webinar deals with practical issues and delves directly with the layout of the corporate tax return, the forms, and schedules utilized in the preparation of such returns. The webinar will take you through the step-by-step process of preparing the Personal tax return T1.

This webinar will cover the following key topics: 

  • Preparing T1 - 7 step process
  • In-depth review of Non-refundable Tax credits
  • Preparing T1 for Self-employed business, rental properties and investment income
  • Reporting QSBC shares and claim life time capital gain exemption
  • About RRSP and other deferred tax plans
  • About childcare deductions, moving expenses, professional dues and support payment
  • To claim employment expenses and home office expenses
  • To carry back net capital loss - preparing form T1A

The attendees with learn the following: 

  • How to set up a new client file
  • How to create a family profile and identify possible planning opportunities
  • How to identify and claim non-refundable tax credits
  • How to input various T slips; employment income, investment income (interest, dividends) & other income
  • How to report deductions such as prof 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

Learning Objectives

  • To set up a new client file
  • To input various T slips; employment income, investment income (interest, dividends) & other income
  • To report deductions such as prof fees, carrying charges, child-care, moving expense and RRSP
  • To report self-employed business income and expenses
  • To amend T1 and request loss carry back

Who Should Attend?

  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA