Personal Taxes

Personal Taxes

This module offers comprehensive training for individuals looking to enter the field of Canadian tax preparation professionally. Tailored for beginners, it simplifies the complexities of Canadian tax law by focusing on the 20% that covers 80% of personal tax returns. Led by a seasoned accountant with extensive experience, the workshop combines theoretical knowledge with practical insights to equip students with the skills necessary for accurate and ethical tax preparation using TaxCycle and other current software tools. Participants will master everything from basic tax planning to compliance with CRA regulations, ensuring they are prepared to handle a wide array of tax scenarios effectively.

You will learn

  • Federal and Provincial Tax Laws
  • Tax Planning Strategies
  • Use of TaxCycle Software
  • Handling T-Slips and Tax Forms
  • Capital Gains and Losses
  • Ethical and Due Diligence Obligations

Topics covered

Introduction + Miscellaneous

  • Setting up Efile Number
  • Overview of QuickBooks Online (QBO)
  • Introduction to TaxCycle
  • Setting up CRA REP ID
  • Using Zoho for Tax Preparation

Basic Personal Tax Returns (T1)

  • Understanding T1 Forms
  • Filing Basic Returns
  • Common Errors and How to Avoid Them
  • Nil + T4 + Family

Self-Employed and Rental Income

  • Reporting Self-Employment Income
  • Deductions for Self-Employed Individuals
  • DReporting Rental Income and Expenses

Corporate Income and Capital Gains

  • Reporting Corporate Income
  • Understanding Capital Gains and Losses
  • Corporate Income + Capital Gains

Tax-Advantaged Accounts

  • Registered Retirement Savings Plan (RRSP)
  • First Home Savings Account (FHSA)
  • Tax-Free Savings Account (TFSA)
  • RRSP, FHSA, RESP, TFSA (Guest Speaker: Jasper)

Tax Planning and Review

  • Strategies for Tax Savings
  • RReviewing Tax Returns for Accuracy
  • Planning for Future Tax Years
  • Tax Planning + Review

WorkShops