The Advanced T1 Tax Update - We’ve Got You Covered For Tax Season

Knowledge Bureau’s Advanced T1 Tax Update is more than an incredibly fun and full day of shaking out the cobwebs and learning about the “dark tax horses” with colleagues from coast to coast! This tax update has got you covered for the entire tax season with great online resources: a comprehensive online certificate course featuring over 100 retention questions, Evergreen Explanatory Notes – a complete tax research library - plus Knowledge Bureau’s Discovery Tools – 16 sophisticated tax planning calculators!

Register for the virtual event on January 18 by January 16 and the February 7 in-person event by January 31.

2023 ADVANCED T1 TAX UPDATE FOR 2022 T1 RETURNS

THE SPEAKERS AND THE AGENDA

Includes Knowledge Journal*, PPT presentations, The CES Online Course, EverGreen Explanatory Notes, the Knowledge Bureau Discovery Calculators and Online Retention Quizzes – over 100 recall questions.

Here’s the agenda our noted tax specialists will cover:

8:15 AM	WELCOME AND INTRODUCTORY COMMENTS
8:30 TO 9:45 AM Evelyn Jacks MFA™, DFA-Tax Services Specialist™	PERSONAL TAX UPDATE: WHAT’S NEW IN PERSONAL TAXATION? Shake out the cobwebs and find the Dark Horses! What’s New at CRA – Changes on the 2022 federal and provincial tax returns, schedules worksheets & over 60 auxiliary forms to review, tax rates & brackets What’s New at Finance Canada -Tax Theory Changes for 2022 and 2023 including COVID-19 Benefits and Repayments, Inflation supports, New penalties and 2 new tax returns, home workspace, new registered investment opportunities, reporting crypto currency transactions and more New Benefits and Clawbacks – Canada Dental Benefit, CAI, CCB, CTC. CWB, fuel charge proceeds return for farmers, air quality improvement tax credit. Deductions: Business net income calculations, New Auto expensing rules, RRSP, New Labour Mobility Deduction for Tradespeople, CGD, ITC, Non-Refundable Credits: DTC Enhancements and Notices of Determination, medical expenses Doubling Home Accessibility Tax Credit Effective January 1, 2022 Changes to Home Buyers’ Tax Credit Medical Expense Tax Credit changes New Multi-Generational Reno Tax Credit Student interest deductions Underused Housing Tax Return: filing requirements Changes overview - taxpayer profiles: families, seniors, investors, proprietors Tax Facts Precision Update: CE Savvy PD™ Quizzes: Shake out the cobwebs and find the Dark Horses!
9:45 – 10:00 AM	COMMUNICATIONS BREAK
10:00 – 10:30 AM Evelyn Jacks MFA™, DFA-Tax Services Specialist™	FOCUS ON EMPLOYMENT INCOME, DEDUCTIONS & CREDITS: SHORT SNAPPERS! Employment Income and Benefits Home based employment deductions (T777) and (T2200) Employed commission salespeople, sales expenses, home office and auto expenses Long distance truckers, tradespeople, artists, forestry workers (TL2) Canadian forces personnel, Executives and their stock options, The Clergy (T1223) Working families – disability supports care, childcare (T778), moving expenses (T1M), CWB (Sch 6) Students – income, deductions and credits (Sch 7) Northern residents (T2222)
10:30 – 10:40 AM	COMMUNICATIONS BREAK
10:40 – 11:45 AM Alan Rowell RWM™, MFA™, DFA-Tax Services Specialist™	FOCUS ON PENSION INCOME: TAX FILING TIPS AND TRAPS Understanding the investments behind the key T-slips and the goals for the money is not always obvious. In this case-driven session, drill down on the types of investments that drive the slip entry errors: Filing/Planning Tips and Traps: “Take It Now or Defer?” (OAS, CPP, RPPs, RRSP); “What is it and Why?” (Annuities, RRIFs & ALDAs); “Secrets in Pension Income Splitting”, and “Make Foreign Pensions Count” (T1135,Tax Treaties and FTC) Secrets in reporting income entries: T3, T4As, T4RIF, T4RSP, T5, T5008 AND MORE Forms Appendix Review: Schedule 7, RC249, 267, 268, 298, 339, 4177, 4178, 4625, T1-OVP-S, T746, T1032, T1043, T1090, T2019, T2030, T2033, T2201, T2205, T3012
11:45 – 12:15 PM Gerry Vittoratos MTax	FAMILY OPTIMIZATION STRATEGIES Learn how to optimize provisions on the personal tax return for families within common family filing profiles: students, married couples with children, divorcing couples, retirees, disabled people, those maximizing charitable donation claims during their lifetimes and on terminal filings. With Thanks to Our Special Guest Partner: Thomson Reuters, Tax & Accounting (Canada)
12:15 – 12:45 PM	LUNCH BREAK
12:45 – 1:45 PM Alan Rowell RWM™, MFA™, DFA-Tax Services Specialist™	REAL ESTATE TRANSACTIONS Home Office Rules – tips and traps – simplified and detailed methods Tax-Free First Home Savings Account (FHSA) Multigenerational Home Renovation Tax Credit Personal Residences - Principal Residence Exemptions Effect of 2^ND personal residences on PRE – calculations Online Platform Rentals - GST implications Legacies: $100,00 Capital Gains Exemption Residential Property Flipping Rule, plus new deemed loss rules Residences held as inventory, capital gains reserves Personal Residences as Rental Property: Change of use rules Additional Holdings: farm properties, condos, multiple unit dwellings, REITs, AMT Foreign Ownership – Canadians with property abroad Foreign Ownership – non-Canadians - 2 Year ban on foreign investment in housing Forms Appendix Review: T776, T2091, T664, T691, T1135, Underused Housing Return
1:45 to 1:55 PM	COMMUNICATIONS BREAK
1:55 to 3:00 PM Larry Frostiak FCPA, FCA, CFP, TEP, RWM™ In Toronto Dr. Dean Smith PHD, CFP, TEP, CPA, CA, RWM™	FOCUS ON INCOME FROM PROPERTY & INVESTMENTS This session is a broadly-based, comprehensive overview of how various types of investment and property income is taxed and how such income should be reported for tax purposes by the investor/taxpayer. The materials will discuss dividends from public companies, private company dividends foreign investment income, income from limited partnerships capital transactions including identical properties, a variety of securities transactions, hedging transactions loss applications claiming of carrying charges; in particular, interest expenses Planning - corporate owner-managers: finding tax free income within the corporation Forms Appendix Review: T1A, T123, T657, T936, T1105, T1170, T1212, T1255, T2017
3:00 – 3:15 PM	COMMUNICATION BREAK
3:15 to 4:15 PM Larry Frostiak FCPA, FCA, CFP, TEP, RWM™ In Toronto Dr. Dean Smith PHD, CFP, TEP, CPA, CA, RWM™	FOCUS ON BUSINESS OWNERS – T2125 and Schedules Reporting income: fiscal year-ends, cash vs. accrual, GAAR, reportable transactions Partnerships: arm’s length, spousal partnerships, with adult children Micro Business Profiles – tips and traps: consultants, child care, artists, construction, inventory-based ventures (Avon, etc), online platform sales, professionals Farming & fishing - inventory provisions and drought deferrals Acquiring Assets: Immediate and accelerated expensing: auto, tangible and intangible properties; buy vs. lease calculations Deductions: full, restricted, mixed use, conferences & training, cell phones, GST/HST, terminal losses, valuation on transfer of assets Loss applications
4:15-4:30 PM	CLOSING REMARKS

*Note – the January 18 virtual event includes soft copies of the presentations, the Line-by-Line Advanced Tax Update Journal, forms, and all the components of the online course. Live event also includes a hard copy of the Line-by-Line Advanced Tax Update Journal. All powerpoint presentations are in soft copy and may be printed. Online course completion date is May 7.

One low price: $590 until enrolment date: register here for virtual event.

The RWM™, MFA™, MFA-P™, DMA™, DFA-Tax Services Specialist™, DFA-Bookkeeping Services Specialist™, the Society of Real Wealth Managers™ & all its certificate/diploma programs are intellectual properties/certification/trademarks owned by Knowledge Bureau™

The Advanced T1 Tax Update - We’ve Got You Covered For Tax Season

2023 ADVANCED T1 TAX UPDATE FOR 2022 T1 RETURNS

THE SPEAKERS AND THE AGENDA

One low price: $590 until enrolment date: register here for virtual event.

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