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

  • Accountant
  • CPA (CA)

Published: May, 2021

Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Preparing T1 - 7 Step Process
    7 mins
  • Identification and client information
    43 mins
  • Non-refundable tax credits
    89 mins
  • Medical Tax credits
    132 mins
  • Case Study 4 - Salary
    172 mins
  • Advanced issues - Capital gain reserve
    221 mins
  • Employment Expenses - T777
    254 mins
  • Recap - Preparing T1 - 7 Step Process
    294 mins

Course Description

Many times we experienced that there are very few things cause people more anxiety than income tax. Accountants and tax professionals also face challenges in negotiating the slippery slope of income tax preparations. This individual tax preparation webinar will provide a broad view of how to prepare income tax and certain issues in the case studies. The speaker will also touch on identifying and addressing the planning opportunities.

In this Tax CPE webinar the speaker is going to explore how to prepare a T1 personal tax return from start to finish. To cover this the webinar is going to delve into 15+ Case studies so there remain no essential area explored. (Preparing 2020 T1 Personal Tax Return using Profile Tax + 15 Case Studies)

This Individual Tax preparation webinar will cover the following important topics:

  • 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

Recommended for:

This individual tax CPE webinar is recommended for any Professional or Staff Member Involved in Preparation or Review of various type of Tax returns.

Learning Objectives

  • To explore preparing T1 in a 7 step process
  • To take an in-depth review of Non-refundable Tax credits
  • To explore preparing T1 for Self-employed business, rental properties and investment income
  • To identify how to report QSBC shares and claim life time capital gain exemption
  • To recognize about RRSP and other deferred tax plans
  • To explore about childcare deductions, moving expenses, professional dues and support payment
  • To identify how to claim employment expenses and home office expenses
  • To recall how to carry back net capital loss - preparing form T1A

Recommended For

  • Any Professional or Staff Member Involved in Tax Planning for Clients.

Who Should Attend?

  • Accountant
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 5 CPD Credit for Chartered Professional Accountant (CPA Canada)
  • 5 General Credit for Accountant/Bookeeper

Additional details

  • Course Level :
    Basic
  • Credits :
    5
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

Presenter

About Presenter

Big4 CPA

Founder, AK Consulting Inc.

We are a team of Big4 CPA, CA and other professionals. We offer wide range of professional development courses for CPA members relating to Canadian Taxation, International tax, Accounting, Ethics, Business, Workplace Teams & Culture, High Performance, Soft skills, and Personal Development.

We also work with third party content creators to offer unique CPD for our CPA members, such as on latest technology, cyber security, digital marketing. and various other interesting topics.


Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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