PERSONAL TAX
Personal Tax Training Path
Ideal for those wishing to start a career in tax preparation or for CPA's looking for CPD hours in personal tax
Phase 1 - Personal Tax Fundamentals
Your first step is to develop your understanding of personal tax rules so you can prepare and file Personal T1 returns.
1 - Foundations
Your journey starts here. This course assumes little or no knowledge and is an in-depth foundations course (updated annually at no extra charge once you purchase). Start building your tax "chops" and use this course as a valuable resource all year round
2 - Real World Scenarios
Start practicing using Professional tax software on actual returns. It's like working in a small tax practice - We walk you through 6 case studies covering the most frequently encountered tax filing scenarios you will encounter in the real world. Prepare the returns yourself and compare to ours
Phase 2 - Personal Tax Practice
Start expanding your skills and knowledge. If you are looking to start a career in tax preparation, these courses will provide you with critical tax & GST/HST knowledge with in-depth training and examples in Personal Tax matters.
4 - Dig Deeper
Go more in-depth on critical personal tax topics. Fundamentals courses cannot cover everything in the details necessary to run a tax practice. This course examines a number of tax topics in greater detail so that you are more informed on how to handle the typical client situations you will encounter.
3 - Tax Practice Essentials
It's not just about the Income Tax Act. You'll also be expected to prepare GST/HST returns for clients. You cannot be in tax practice without having a solid grasp of the GST/HST as it applies to businesses (both personal and corporate) and non-residential rental properties.
Phase 3 - Final/Terminal Tax Returns & Review
Your knowledge-base grows as you learn what is involved in preparing tax and trust returns for clients who have passed away. Then, you can finish off with a great, fast-paced refresher as you get behind the desk of a CPA firm.
5 - Deceased Taxpayers
If you are starting a tax practice, then you will need to have the necessary skills and knowledge to prepare Terminal (Final) tax returns for deceased clients (and their estates). This course covers both the Final T1 tax return and T3 Estate Returns (Graduated Rate Estate tax returns). You'll also learn about advising estate executors.
6 - CPA Firm in Action
Get behind the desk of a CPA practice by looking over the shoulder of a tax pro as we take you through a number of different tax returns & client scenarios through the years. You'll see the preparation of actual returns & gain critical insights on how to deal with clients & complex tax scenarios. It's like being at the helm of a real practice
Phase 4 - Advanced Personal Tax Courses
Now that you have a solid understanding and lots of practice preparing personal tax return, you can begin your journey to becoming a trusted, reliable and knowledgeable advisor to clients. In your career, you will be asked by many of your clients to provide tax planning advice to them. Each of our advanced courses digs deep into the subject areas and topics that you will undoubtedly have to tackle as a tax preparer and practitioner.
Employment Income
Without a doubt, one of the most nuanced and CRA audited area of personal tax, we will be dealing with very common yet difficult situations. You'll also understand how the CRA audits employment expenses and how to avoid re-assessments when they do. Question: Would you deduct a $1 calculator purchased at the Dollar Store as an employment expense?
Rental Income
Many Canadians own rental properties as an investment. Did you know that CRA audits or reviews rental statements frequently? When they do, it is not uncommon for them to disallow losses on rental properties. In this course we examine why this is the case and why you need to understand to report rental income and expenses properly
Principal Residence
The reporting for sales of principal residences has changed considerably. It is now one of the more complicated areas in personal tax especially for those taxpayers who have more than one residence or vacation property. Errors or miscalculations in this critical area of tax can cost someone thousands of dollars in additional tax.
Investment Income
If you have prepared tax returns for clients with investment income, you know how tedious it can get. If you or a client have been reviewed on certain investment expense claims you also know that it is a very misunderstood topic. Especially critical for owner-managers of small businesses, this course can lead to thousands of dollars of tax savings
5 - Business Income
When you prepare business tax returns you are stepping into the realm of a tax accountant. This course will take you on a deep dive of concepts you'll need to master to not only prepare T2125's accurately, but also understand and advise clients on some of the most common audit exposures that exist in the closets of small business proprietors.