News Article

CE Summits - Advanced Personal Income Tax Update

Posted: January 09, 2018
Posted in: Strategic Thinking

There is still time to register for Winter 2018 CE Summits, Canada’s most comprehensive Advanced Personal Income Tax Update for tax and financial professionals and their new and returning staff. Please remember that Regular Fees apply after deadlines!

The January CE Summits, featuring tax expert Evelyn Jacks, President of Knowledge Bureau and highly experienced personal tax experts, begin next week in Winnipeg and travel to five more cities (see venues below). After today, walk up rates apply for everyone.

The sessions start at 8:00 sharp and cover a broad array of issues as outlined below.  Register online or call 1-866-953-4769 today to ensure your seat and the availability of the coveted CE Summit Knowledge Journal – your desktop “Tax Bible” for tax season 2018!  Everything included in the low, tax deductible tuition fees including accreditation by Insurance Councils, IIROC and Knowledge Bureau which provides 10 CE/CPD Credits for the event.

AGENDA: ADVANCED 2018 PERSONAL TAX UPDATE
7:45 - 8:00 AM REGISTRATION AND COFFEE:   Pick up your Comprehensive Knowledge Journal
8:00 - 9:00 AM

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

LINE-BY-LINE TAX UPDATE:  WHAT’S NEW IN PERSONAL TAXATION?
At Department of Finance:
 • Overview:  Tax reforms and tax changes for 2017-2018, debt and economic change, crypto currencies, mortgage stress, voluntary disclosure and base broadening and its  impact on personal tax filing trends 
 • Update on proposed changes to small business corporations and CRA’s role in it
 • Focus on Newcomers to Canada, Gender-based analysis
 • Focus on Relationship Change: Separation, Divorce, Caregiving
At CRA:  Shake out the Cobwebs
 • The complicated new rules for the disabled and infirm and their caregivers
 • 2017 T1 Tax Form Changes, TSlips, Dark Horses & Tax Trivia Warm-up
 • The New T1 Tax Change Challenge
9:00 - 10:30 AM

Walter Harder
DFA-Tax Services Specialist

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
Deductions:
 • 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
10:30 - 10:45 AM NETWORKING BREAK
10:45 – 11:45 AM 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 PM

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 PM NETWORKING LUNCH
1:00 – 1:30 PM
Intuit Profile and Quickbooks
ROUND TABLE DISCUSSION HOSTED BY INTUIT
1:30 – 2:45 PM

Alan Rowell
RWM, MFA,
DFA-Tax Services Specialist

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
   o T5008 “Auto-fill my return” downloads
 • Part 4 - Real Estate
 • Reserves – T2017
 • T657 - Capital Gains Deduction
 • T936 – CNIL
 • ABIL
 • 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
  o Integration -  Over/Under
  o 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
2:45 – 3:00 PM NETWORKING BREAK
3:00 – 4:25 PM RENTAL PROPERTIES & 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
   o Partner CCA (rental and business), other expenses of co-owner
 • Last year of operations, dispositions – Recapture, terminal loss, foreclosures
Proprietorships
 • 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
4:30 PM Closing Remarks and Certification
Verifiable Credits – 6.5 Non-Verifiable Credits – 3.5

 

Locations for CE Summits:

JAN 18 WINNIPEG CANAD INN POLO PARK
JAN 22 TORONTO PEARSON CONVENTION CENTRE
JAN 23 OTTAWA MARRIOTT RESIDENCE INN AIRPORT
JAN 24 CALGARY CLARION CONFERENCE CENTRE
JAN 25 EDMONTON HYATT PLACE DOWNTOWN
JAN 26 VANCOUVER SANDMAN CITY CENTRE

 

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