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


Workshop Catalogue

2018 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

Pick up your Comprehensive Knowledge Journal

8:00 – 9:00
Line-by-line Tax Update

What’s New in Personal Taxation?

At Department of Finance:

• Overview:  Personal Tax Changes for 2017/2018
• Update on proposed changes to small business corporations
• Focus on Newcomers to Canada
• Focus on Relationship Change: Separation, Divorce, Caregiving

At CRA: Shake out the Cobwebs

• 2017 T1 Tax Form Changes, TSlips, Dark Horses & Tax Trivia Warm-up
• T1 Line-by-Line Tax Change Quiz

Evelyn Jacks, President, Knowledge Bureau, MFA™, DFA-Tax Services Specialist™

9:00 – 10:30
Focus on Income and Deductions

• Families:  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


• Pension Savings: 
Registered pension plan deductions, past service contributions, RRSP contributions, planning optimal deduction, carry forwards
Professional and union dues
T778:  Child care expenses
T2209:  Disability supports deduction
T1M:  Moving expenses
T777 and TL2:  Other employment expenses, GST/HST-370 forms
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

Schedule 1:  Non-refundable tax credits

• Non-transferrable credits: 
Canada employment amount, Public transit amount, Volunteer firefighters'/Emergency Services, Student Loan Interest, Home Renovations
• Transferrable Credits:  Age amount, Tuition Amounts, New Canada Caregiver Amount, Disability Amounts, Medical expenses for self, spouse and dependents, Home Accessibility Tax Credit, charitable donations calculations, sharing/transfers of credits with spouse
Page 4 - Refundable Credits:  Working Income Tax Benefit & Advances, Eligible Educator School Supply Tax Credit, Medical Supplement, Political contributions

Walter Harder, DFA-Tax Services Specialist™

10:30 – 10:45
Networking Break
10:45– 11:45
Focus on Personal Residences

• Ownership - Personal

  • One property; more than one property
  • In Canada, abroad, T1135 reporting 
  • Maintenance, repairs, additions to cost base
  • Actual, deemed, T2091 filing, T664

• Change of Use

  • Personal to rental:  First Year Reporting Issues

                            • Claiming income and expenses Form T776

  • Personal to business:  what’s different?

• Dispositions

  • Elections
  • Audit-proofing:  exempt, adventure or concern in nature of trade, inventory, GST Rebate Reporting – when required?
11:45 – 12:30
Focus on Retirees

• Pre-retirement – under 60:

  • RRSP planning - claiming RRSP contributions, Reporting Severance payments, RRSP rollovers, Spousal RRSP planning,
  • RPP planning - income splitting, early, phased in, postponed
  • Dividends from small business corporations

• Early retirement – 60 to 65:

  • CPP – early or late? CPP Assignment, Post-retirement benefit
  • CPP Income Estimator

• Retirement Issues – 65 - 70:  

  • OAS Deferral Options, Age Amount & Transfer Clawbacks
  • Foreign Pensions and Foreign Tax credits

• Post-retirement - Death of a Taxpayer:  Final, Optional Returns, Tips on claiming income, asset dispositions (ACB or FMV), deductions, credits and payment options (Planning for estates and trusts to be discussed in more detail in May CE Summits)

12:30 – 1:00
Networking Lunch
1:00 – 1:30
Round Table Discussion hosted by Intuit

Intuit Profile and Quickbooks

1:30 – 2:45
Reporting Income from Property & Investments

Schedule 1

• Detailed Tax Calculation, Tax on Split Income – 2017 rules and 2018 rules (if available),
• Alternative Minimum Tax

Schedule 3

• Part 1 & 2 – Qualified business shares and farm/fish operations
• Part 3 – Public shares

  • T5008 “Auto-fill my return” downloads

• Part 4 - Real Estate
• Reserves – T2017
• T657 - Capital Gains Deduction
• T936 – CNIL
• CNIL & ABIL effect on QSBCS sale
• T2101 – QSBCS going public – What’s involved?

Schedule 4

• Interest – review of rules for compounding investments
• Dividends gross up and DTC 2017, 2018 and 2019

  • Integration -  Over/Under
  • Eligible & Other than Eligible Dividends, Dividend Tax Credits

• Capital Dividends:  Deemed, Stock, Capital Gains, Return of Capital (helping clients understand deferred capital gains), T3 slips including “Auto-fill my return” downloads

Alan Rowell, MFA™, DFA-Tax Services Specialist™

2:45 – 3:00
Networking Break
3:00 – 4:30
Rental Properties and Unincorporated Businesses – Forms T776 and T2125

Definitions:    Income:  Business or property?   Expenses – General Comments

Rental Properties:

• Reporting Income: Single Owner, Rents at FMV, Profit potential, Losses
• Expenses –Capital:  1st Year of Operations - Scheduling Land and Building, legal fees, Additions to cost base
• Expenses – Current:  non-prorated - advertising, accounting, office, salaries, interest, property taxes, maintenance, etc.
• Expenses – Restricted:  personal use portion, CCA , Motor Vehicle Expenses (see below), claiming losses
• Partnerships – T5013 when and why? (partnerships for rental or business); other expenses of co-owner

  • Partner CCA (rental and business), other expenses of co-owner

• Last year of operations, dispositions – Recapture, terminal loss, foreclosures


• Income Reporting including GST/HST Tips, Barter transactions, internet transactions (Pay Pal), Audit-proofing
• Claiming salaries, especially family members, reasonableness test
• Meals and Entertainment, promotions and online marketing
• Motor Vehicle Expenses (when, why, how) - Class, mileage log, personal use, acquisition, disposition
• Home Office Expenses
• Claiming Losses
• Eligible Capital Property – Class 14.1 Transition

Closing Remarks and Certification

Verifiable Credits – 6.5 Non-Verifiable Credits – 3.5