Register Now for Rookie Tax School: Jan 29!

8:15 CT

INTRODUCTORY COMMENTS AND VIRTUAL CAMPUS ENTRY

8:30

CANADA’S SELF ASSESSMENT SYSTEM AND FILING REQUIREMENTS

8:45

About Canada's Digital Tax System

• NETFILE and EFILE:What is the difference?
• EFILERs’ responsibilities
• RepID: Being an Authorized Representative for a client

• My Account and My Business Account
• Filing the T1 & Responding to CRA's Communications
• Tax Credits - Filing for Refundable Tax Credits

9:15

Reporting Income

• What is Taxable? What is Not?
• Reporting Income from Employment
• Reporting Income from Pensions

9:45

Introduction to Claiming Deductions

• Registered Pension Plan deduction (line 20700).
• Registered Retirement Savings Plan is (line 20800).
• First Home Savings Account (line 20805)
• What the split-pension amount is and how it works (line 21000).
• Deductions for annual union, professional like dues (line 21200).
• What qualifies as eligible Child Care Expenses (line 20400).
• What qualifies as a Disability Support Deduction (line 20500).
• Calculating moving expenses (line 21900).
• What support payments are deductible from income (line 22000).
• Eligible carrying and interest charges (line 22100).
• What is CPP for self-employed income (line 22200).
• What the CPP is for enhanced contributions on income (line 22215).
• Other employment expenses (line 22900).
• Social Benefits Repayments (line 23500).

10:30 BREAK

10:45

Introduction to Non-Refundable Tax Credits

• Basic Personal Amount
• Age Amount
• Spouse or Common-law Partner  Amount
• Amount for Eligible Dependant
• Canada Caregiver Amount for Spouse or common-law partner or eligible dependant age 18 or older
• Canada Caregiver Amount other dependants age 18 or older
• Canada Caregiver Amount other dependants under age 18
• Premiums paid to CPP/QPP and EI
• Volunteer Firefights’ Amount
• Search and Rescue Volunteers’ Amount
• Canada Employment Amount
• Home Buyers’ Amount
• Home Accessibility Expenses
• Adoption Expenses
• Digital news subscription expenses
• Pension Income Amount
• Disability Amount
• Tuition Amount
• Interest on Student Loans
• Medical Amount
• Donations and Gifts

11:15

Reporting Income from Self-Employment

• The filing deadlines for a taxpayer who reports income from a proprietorship.
• What is the difference between employed and self employed?
• How to report income from micro-businesses in the ‘GIG’ economy, for example:
  • Ride Sharing and delivery
  • Home based retail services
  • Consulting or other “subcontracting services
• How do you complete a basic T2125 Statement Of Business Or Professional Activities?
• How do you report the use of an asset in the business on the Capital Cost Allowance Statement?
• How are home office expenses reported?
• How Canada Pension Plan premiums are calculated and where?
• When quarterly tax instalment payments must be made?
• What happens when there is a business loss?

11:45

Introduction to Capital Gains Reporting

• Overview Schedule 3 – How to Calculate a Capital Gain or Loss
• Capital Gains from Information Slips
• Qualified Small Business Corporation Shares
• Qualified Farm and Fishing Property
• Publicly Traded Shares, Mutual Funds and other shares
• Real Estate, Depreciable Property and Other Properties
• Bonds, Debentures, Promissory notes
• Personal Use Property
• Listed Personal Use Property

12:15

Introduction to Reporting Income from Rental Properties

• Form T776 - What is reportable rental income?
• What is the difference between a co-owner and a partner for rental purposes?
• When is it necessary to report rental income?
• What are the types of expenses claimable against rental income?
• What is the difference between a repair and an improvement?
• What are the two main capital classes for reporting improvements?
• Claiming Losses - What are the rental reporting restrictions?

12:45

PRIZES AND CLOSE

Now Complete the online course to earn your Certificate of Achievement!

Canada’s Income Tax Fundamentals Course