Personal Tax - In-Depth Personal Tax Topics (2024)





Intermediate Course – Personal Tax Seminars covering a range of critical topics

If you have taken any of the introductory personal tax courses here at Canadian Tax Academy and have journeyed into the world of personal tax preparation, you may have realized that there is a lot that you don’t know. Remember, those courses provide you with the fundamentals you need in the realm of tax preparation.

However, as we all know, tax can get quite complicated and intricate even for what might seem to be the simplest of tax returns.

The In-Depth Personal Tax Topics course is curated and developed to help you build your tax chops and fill in those gaps in the areas of tax that you will need to familiarize yourself with or will require more in-depth knowledge of the issues and requirements. Inevitably, you will come across most of these tax areas if you start building your client base.

Now, you will have a resource that you can tap into any time you encounter any situations, scenarios and problems in the areas covered in this course.

This course was curated using the content found in the Personal Tax Masterclass, one of the ongoing series of training modules offered to subscribers of the monthly Tax Bytes Practice Mentor. Many of you have been asking if there was a way to access all that content without having to make the commitment to the monthly newsletter. Well, now the answer to that question is yes … all of the tutorials in that series have been combined to form this in-depth, intermediate personal tax course.

Once you purchase this course, you will have access to all the future updates at no additional charge. Currently, at least 3 modules are added every year. Once these modules are presented in the Tax Bytes Practice Mentor, they will be posted as an update to this course.

NOTE: If you subscribe to the Tax Bytes Practice Mentor monthly training and newsletter service, you will automatically have access to all this content as part of your monthly subscription. For more information on that service just visit this website and check out the FAQ’s below.

The following is a listing and brief synopsis of the topics covered in this course

Employment Income & Deductions - A detailed look and analysis of employment expenses as they apply to employees and salespeople. We review the T2200 in detail, question by question and provide examples of different T2200’s covering the most common oversights and errors made by new practitioners.

Old Age Security (OAS) – Understanding the details of the OAS system and tax reporting so that you can consult with your senior clients effectively. Here we look at frequently encountered issues in the real of the OAS clawback (recovery-tax) and how to deal with those situations. Also examined are some tax planning scenarios and options for high income seniors.

Rental Income vs. Cost-Sharing – What happens when someone rents out a portion of their home or a separate rental unit to family members and there is a consistent loss? What if the rent is below fair market value? What if the property is rented to arm’s length individuals but not run in a sufficiently commercial manner? These topics and the influential court cases in this area are examined.

Understanding the Principal Residence Exemption – The CRA now requires the disposition of principal residences to be disclosed on the personal T1 return. In this module do a comprehensive view of the PRE formula and issues you will encounter in many client situations. Also examined are the change in use rules and the various elections under Section 45 of the Income tax Act.

Personal-Use Property & Listed Personal Property – Often overlooked in many tax practices and tax courses, here we review these rules in detail and review areas where it might apply in practice. Are you disclosing the sale of cottage that was sold properly?

Attribution & the Spousal Loan Strategy – In this module we take a detailed look and provide step-by-step instructions on how to implement this plan. Learn how to legally transfer investment income from the higher-income spouse to the lower-income spouse and save substantial amounts of tax for clients with high investment income.

Deducting Interest as a Carrying Charge – CRA frequently reviews large deductions for interest on T1 return (interest incurred to earn investment income). Two modules cover the intricacies if this area. Also examines are scenarios frequently encountered by owner-managed business owners when they borrow from personal lines of credits or mortgages and invest their business. Can they deduct the interest?

Medical Expenses – Without question the most highly reviewed area by CRA on personal tax returns. While this topic may seem straight-forward, it is stacked with details and complexities that are often overlooked. Are you putting medical expenses on the right tax return to get maximum benefits? How do you find information on whether an expenses is eligible for the credit? Do you know the rules with respect to nursing and retirement homes?

Year-End Tax Planning Strategies – Being a tax practitioner is more than just preparing tax returns for clients during tax season. You will also be asked to provide valuable advice. This module examines some critical year end strategies to help your clients save tax and avoid costly mistakes.

Dealing with the CRA – A number of modules are presented to help you cope when the CRA comes knocking on the door of one of your clients. We also examine little things that can be done to avoid being on CRA’s radar map. Surviving GST/HST compliance audits for business clients, dealing with CRA objections and appeals, keeping adequate records to satisfy even the most nitpicky of auditors.

Tax Research Methodology – How to use CRA resources and other professional websites in conjunction with your tax software to research tax and client questions. There is no way to have every answer at the top of your head. This module shows you the methodology I use when I need to dig deep into a tax scenario/plan or difficult client questions.


Practice Tool – Useful T2125 & GST/HST Worksheet – Worth the price of admission alone, you will be given a time-saving spreadsheet that will help you sort through that mountain of client receipts in no time. When you are done, you will have the information ready to input into the T2125 Statement of Business Activities along with the final GST/HST report you’ll need to file as well.

Common Tax Preparation Issues – When you deal with business income clients, you will be stepping into the realm of the accountant (if you’re not one already of course). In this unit we discuss income-splitting with other family members, home-office expense questions, frequently asked questions on automobile expenses as well as the age old employee vs. self-employed (contractor) debate and issues.

CPP & EI for the Self-Employed – Are the self-employed eligible to collect Employment Insurance benefits? Can they make contributions to the plan and collect benefits? How would they go about applying? How do CPP contributions work for the self-employed? Are there special rules for those who have already started collected their CPP pension but still earning self-employment income?

Partnership Income – Often over-looked or skimmed over in tax courses, in this module we examine the most frequently encountered situations and decision making process you will encounter when dealing with partnership income. What happens when one partner has other expenses that they want to deduct? Also examined are some of the accounting and bookkeeping concerns partners may have with partnership capital accounts.

Capital Cost Allowance (CCA) for Vehicles – A frequently misunderstood area of personal tax are the maze of tax rules on claiming CCA on different types of vehicles. In this module we breakdown all the rules and nuances of Class 10 v. Class 10.1 videos. Topics including terminal losses and recapture, GST/HST on Class 10.1 videos, entering proper information into software, and much more is covered.

Employee vs. Self-Employed (Contractor) Issues – If there is one area of tax that has been present and frequently reviewed over all my years of being a practitioner, that is the employee vs. contractor issue. This topic is far-reaching and covers a wide area of tax including corporations, GST/HST and payroll. In this module we discuss the types of scenarios and decision making process you will encounter as a personal tax preparer.

… and much more to come over the next few months and years. Purchase this course now to lock in the current pricing. As the months move on and more content is added, the price of this course will increase accordingly.

Hope to “see” you all on the other side!

I'm an experienced tax professional with an in-depth understanding of personal tax preparation and related topics. Over the years, I've navigated the complexities of tax regulations and have honed my expertise in various areas, ensuring I stay updated with the latest changes and strategies.

Now, let's delve into the concepts mentioned in the article about the "In-Depth Personal Tax Topics" course offered by the Canadian Tax Academy:

  1. Employment Income & Deductions:

    • Detailed analysis of employment expenses for employees and salespeople.
    • In-depth review of form T2200, addressing common oversights and errors.
  2. Old Age Security (OAS):

    • Understanding the OAS system and tax reporting.
    • Exploration of issues related to the OAS clawback and tax planning for high-income seniors.
  3. Rental Income vs. Cost-Sharing:

    • Examination of scenarios where a portion of a home is rented out or a separate unit is rented to family members.
    • Discussion on situations of consistent loss, below fair market value rent, and commercial manner of property management.
  4. Principal Residence Exemption (PRE):

    • Comprehensive view of the PRE formula and issues encountered in various client situations.
    • Exploration of change in use rules and elections under Section 45 of the Income Tax Act.
  5. Personal-Use Property & Listed Personal Property:

    • Review of rules related to personal-use property and listed personal property.
    • Application scenarios often overlooked in tax practices.
  6. Attribution & the Spousal Loan Strategy:

    • Detailed instructions on implementing the spousal loan strategy to transfer investment income.
    • Legal ways to save substantial amounts of tax for clients with high investment income.
  7. Deducting Interest as a Carrying Charge:

    • In-depth coverage of deductions for interest on T1 returns.
    • Exploration of scenarios faced by owner-managed business owners when borrowing from personal lines of credit or mortgages.
  8. Medical Expenses:

    • Highly reviewed area by CRA on personal tax returns.
    • Detailed examination of rules, complexities, and maximizing benefits for medical expenses.
  9. Year-End Tax Planning Strategies:

    • Critical year-end strategies to help clients save tax and avoid costly mistakes.
    • Providing valuable advice beyond tax return preparation.
  10. Dealing with the CRA:

    • Modules to help cope when the CRA audits clients.
    • Tips to avoid being on CRA's radar map and surviving compliance audits.
  11. Tax Research Methodology:

    • Guidance on using CRA resources and professional websites to research tax scenarios and client questions.
  12. Business Income Modules:

    • Tools such as the T2125 & GST/HST Worksheet for business tax knowledge expansion.
    • Discussion of common tax preparation issues for business income clients.
  13. CPP & EI for the Self-Employed:

    • Eligibility for Employment Insurance benefits for the self-employed.
    • Understanding CPP contributions and special rules for those with self-employment income.
  14. Partnership Income:

    • Examination of frequently encountered situations and decision-making processes with partnership income.
    • Addressing accounting and bookkeeping concerns related to partnership capital accounts.
  15. Capital Cost Allowance (CCA) for Vehicles:

    • Clarification of tax rules on claiming CCA on different types of vehicles.
    • Coverage of nuances, including terminal losses, recapture, and GST/HST on specific vehicle classes.
  16. Employee vs. Self-Employed (Contractor) Issues:

    • In-depth discussion on the employee vs. contractor issue, covering various tax aspects.
    • Addressing scenarios related to corporations, GST/HST, and payroll.

This course appears to offer a comprehensive and practical approach to personal tax topics, providing practitioners with valuable insights and tools to navigate the intricacies of the Canadian tax landscape. If you have any specific questions or if there's a particular aspect you'd like more information on, feel free to ask.

Personal Tax - In-Depth Personal Tax Topics (2024)


Top Articles
Latest Posts
Article information

Author: Merrill Bechtelar CPA

Last Updated:

Views: 6350

Rating: 5 / 5 (50 voted)

Reviews: 89% of readers found this page helpful

Author information

Name: Merrill Bechtelar CPA

Birthday: 1996-05-19

Address: Apt. 114 873 White Lodge, Libbyfurt, CA 93006

Phone: +5983010455207

Job: Legacy Representative

Hobby: Blacksmithing, Urban exploration, Sudoku, Slacklining, Creative writing, Community, Letterboxing

Introduction: My name is Merrill Bechtelar CPA, I am a clean, agreeable, glorious, magnificent, witty, enchanting, comfortable person who loves writing and wants to share my knowledge and understanding with you.