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

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