TaxPrep T1: Step-by-Step Guide for Canadian T1 Return

  • Accountant
  • CPA (CA)

Published: May, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Preparing T1 - 7 Steps process
    6 mins
  • Navigating through client profile
    27 mins
  • Most common tax slips
    59 mins
  • Disability and employment tax credits
    90 mins
  • Political contribution tax credits
    112 mins
  • Advance issues - Life-time capital gain exemption and QSBC shares
    175 mins
  • Registered retirement saving plans
    207 mins
  • Navigating in the tax software
    258 mins

Course Description

This CPD Online webinar is for Canadian CPAs only!!

The T1 General Income Tax and Benefit Return is the tax return used by individuals to calculate their annual tax liability and get federal or provincial benefits such as the GST/HST Credit. It summarizes the taxpayer's income, deductions, and tax payable as computed on supporting forms and schedules and calculates the taxpayer's refund or balance due. 

There are five parts to your T1 form including identification, total income, net income, taxable income, and a refund or balance owing. Your T1 form and any balances owing for each year are due by April 30 of the following year or June 15 for self-employed individuals or common-law partners. If these deadlines fall on a Saturday, Sunday, or public holiday, then they are extended to the next business day.

T1 Returns include:

  • Residents of Canada for part or all of the year.
  • Individuals receiving income from employment, investments, and private or government pensions.
  • Children who earn money through babysitting, paper routes, etc.
  • Terminal returns for individuals deceased during the year.
  • Optional returns for deceased individuals.

This Online CPD course will benefit individuals who wish to expand or update their TaxPrep T1 tax software working knowledge. With years of tax return preparation experience, we welcome the opportunity to assist you with the preparation of your Personal (T1) returns.

Learning Objectives

  • To discuss how to set up a new client file.
  • To analyze how to create a family profile and identify possible planning opportunities.
  • To inspect how to identify and claim non-refundable tax credits.
  • To explain how to input various T slips; employment income, investment income (interest, dividends) & other income.
  • To discuss how to report deductions such as professional fees, carrying charges, child-care, moving expenses, and RRSP.
  • To analyze how to report employment expenses.
  • To discuss how to report self-employed business income and expenses.
  • To explain how to report rental income and expenses.
  • To analyze how to amend T1 and request loss carryback.

Recommended For

  • This CPD course is recommended for CPAs, Tax Professionals, Tax Directors, Tax Practitioners, and any other person interested in learning how to prepare T1 returns using Taxprep T1 tax software.

Who Should Attend?

  • Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

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

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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