New 2019 T1 Tax Return: Longest in History

At 8 pages, the 2019 T1 return is the longest tax form in history.  It could also be the most complex, says Evelyn Jacks, President of Knowledge Bureau, who together with special guest experts, will be hosting a 6 city national education tour in January to teach professionals about the changes to the forms, line numbers and the detailed legislation behind them. 

“Filing the T1 tax return for every family member is the critical last step in maximizing after-tax income for 2019,” says Jacks. “Canadians this year will be surprised by the volume of changes to the return and all the lines in it. Professionals must be prepared to provide answers.”

Knowledge Bureau’s 2020 Advanced Tax Update is accredited by IIROC and Insurance Councils as well as most professional industry associations and organizations. Deadline for registration at the events is January 10 and advisors who work in teams or branch offices are encouraged to attend.  

“The new tax forms feature a reordering of the data entry numbers on the tax return, together with several important broad-based changes stemming from recent tax and CPP reforms,” says Jacks. “All Canadians, for example, will be required to calculate a deduction for CPP/QPP enhanced contributions, as well as the non-refundable tax credit for base contributions.” These calculations are especially complex when there is an overpayment or an election to stop contributing to the CPP, which requires another 6-page form.  The new rules extend to unincorporated business owners as well.

The dozens of numeric and theory changes and new administrative procedures behind the forms are calculated using new line numbers, which have changed from three to five digits throughout the return. This is sure to provide a new challenge for both do it yourself-ers and professionals who are used to filing using line numbers to drive the process.

To help advisors get a head start on tax season, Jacks and special guest instructors will provide a detailed look at the forms and schedules, together with a detailed agenda, shown below on advanced tax filing issues for employees, families, investors, real property owners and the self-employed.

To learn more about the agenda at Canada’s most comprehensive T1 filing course for 2019 returns taking place in January, click below. We’ve added new details to the agenda this week. Stay tuned to this link for further agenda details as they’re released, too!

The CE Summits are accredited by Knowledge Bureau, Insurance Councils and IIROC for Cycle 8 credits.

Dates and Locations. The CE Summits tour this winter will kick off in Winnipeg on January 16 and will be coming to five more Canadian cities: Toronto on January 20, Ottawa on January 21, Calgary on January 22, Edmonton on January 23, and Vancouver on January 24.  Enrol today!

Registration Deadline:  January 10.  Bring your whole team.

For assistance call 1-866-953-4769

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