CE Credits
Knowledge Bureau - 3.5 CE/CPD Credits - Non-Verifiable
Knowledge Bureau - 6.5 CE/CPD Credits - Verifiable

2017 Advanced Personal Tax Update

Agenda and Workshop Details

* Subject to change. Please come back often as new speakers and topics will be added.
7:45 – 8:00
Registration and Coffee
8:00 – 9:00
Evelyn Jacks, MFA™, DFA-Tax Services Specialist™

Line-by-line Tax Update:  What’s New in Personal Taxation?
At Department of Finance:

• Review:  Personal Tax Changes
• Focus on Newcomers to Canada
• Focus on Relationship Change: Separation, Divorce, Caregiving
At CRA:  Shake out the Cobwebs
• 2016 T1 Tax Form Changes, Dark Horses & Tax Trivia Warm-up
• T1 Line-by-Line Tax Change Quiz

9:00 - 10:15
Walter Harder, DFA-Tax Services Specialist™

Focus on Income:
• Families: 
UCCB and CCB, definition of spouse, family income
• Employees:  Benefits, casual employment, Unemployment, Disability
• Students:  Fellowships, bursaries, research, seminars, offshore studies, courses for employees, specialization, degrees
• Retirees:  Public and Private Pensions, Foreign Pensions, Worker’s Comp, Private Disability Payments, CPP Disability, Repayments
• Other Income:  RESP, RDSP, Line 130, Social benefits
Deductions:
• Registered pension plan deductions, past service contributions, RRSP contributions, planning optimal deduction, carry forwards
• Professional dues
• T778:  Child care expenses
• T2209:  Disability supports deduction
• T1M:  Moving expenses
• T777 and TL2:  Other employment expenses
• Line 230-232: Clergy persons, legal expenses
• Canadian Forces personnel and police deduction
• Employee home relocation loan deduction
• Security options deductions
• T2222:  Northern residents deductions
• GST/HST-370


Schedule 1:  Non-refundable tax credits
• Non-transferrable credits: 
Canada employment amount, Public transit amount, Volunteer firefighters'/Emergency Services, Student Loan Interest
• Transferrable Credits:  Age amount, Other amounts transferred from spouse or common-law partner, Tuition, Education & Textbook, Amount for Infirm Adults, Caregiver Amounts, Disability Amounts, Medical expenses for self, spouse and dependants, New Home Accessibility Tax Credit, New charitable donations calculations and Super Donations Tax Credit
• Family Credits:  Kids Under/Over 18, Children’s Arts Amounts, Disability Amounts, Home Renovations

Page 4 - Refundable Credits:  Working Income Tax Benefit & Advances, T626 Overseas employment tax credit, Children’s Fitness Tax Credit, Eligible Educator School Supply Tax Credit, Medical Supplement, Political contributions

10:15 - 10:30
Sponsored by TaxCycle

Focus on T1 Technology with TAXCYCLE –  What’s new for Tax Specialists?
What is CRA actually seeing when you EFILE a return?

10:30 – 10:45
Break Sponsored by Liberty Tax
10:45 – 11:15
Walter Harder, DFA-Tax Services Specialist™

Reporting Principal Residence Dispositions
• GST Rebate Reporting

11:15 - 12:15
Walter Harder, DFA-Tax Services Specialist™

Focus on Retirees, Asset Transfers and Final Returns
• Pre-retirement:  CPP Disability planning, Severance, RRSP rollovers, RRSP contributions, RRIF withdrawals,  Spousal RRSP planning,
• Early retirement:  CPP – early or late? CPP Assignment, Phased-in private pensions, pension income splitting, GIS.
• Retirement Issues:   Income Layering, Income Splitting, Instalment planning, OAS Deferral Options, Age Amount & Transfer Clawbacks

12:15 – 12:30
Walter Harder, DFA-Tax Services Specialist™

Focus on Final Returns
• Case Study:  Death of a HNW Single Taxpayer – Optional returns; CPP & OAS last cheques, losses, asset dispositions at death (ACB or FMV), & final charitable donations

12:30 – 1:00
LUNCH
1:00 – 1:30
Intuit Profile and Quickbooks

Tax Case Analysis - Tips and Traps for Professional Advisors

1:30 – 2:30
Alan Rowell, MFA, DFA-Tax Services Specialist™

Income from Property & Investments
• Schedule 1: 
Detailed Tax Calculation
• T1206 – Tax on Split Income - Attribution – s.74.1(1) & s.74.1(2)
• Dividend Strategies: Eligible & Other than Eligible Dividends, Dividend Tax Credits, Other Dividends:  Deemed, Stock, Capital Gains, Return of Capital
• Foreign Tax Credits:  Forms T2036; T2209 and Section 20 deductions
• Schedule 3:  Capital Gains and Losses - Income or Capital? 
• Asset Transfers and Disposition:  ACB or FMV?  Spouses & other adults during lifetime
• T123 – Election on Disposition of Can. Securities
• T2017 – Reserve on Disposition
• T657 – Capital Gains Deduction
• T936 – Cumulative Net Investment Loss
Allowable Business Investment Losses
• T1A – Request for Loss Carryback
• T1170 – Gains on Gifts of Certain Capital Properties
• T691 - Alternative Minimum Tax
• Schedule 4 – Audit-Proof Carrying Charges & Interest Expenses

2:30 - 2:45
Alan Rowell, MFA, DFA-Tax Services Specialist™

T1135 Filings – New Rules and Forms on Foreign Income Verification

2:45 - 3:00
BREAK
3:00– 4:15
Alan Rowell, MFA, DFA-Tax Services Specialist™

Focus on the Small Business Owner
• T2125
Statement of Business Income, T5013FIN Partnership Return
• Income and Inventory Reporting, GST/HST Reporting, gross profit vs. net profit in planning
• Mixed use:  Auto, home office, entertainment, personal use in retail or farming enterprises
• CCA:  acquisition, improvement, deemed & actual disposition, terminal loss, recapture, CEC Changes
• Business losses: strategies for post-2007 non-capital losses
• T2203:  Multiple Jurisdictions, Payroll & Source Deductions
• From Proprietor to Corporation:  Tax planning re s.85 Roll-overs, Imputed Interest on Shareholder Loans

4:15 - 4:30
TaxCycle

Tax Technology Demonstration

4:30 - 5:00
Knowledge Bureau and sponsors

Certification Celebration:   Wine and Cheese Reception