Sneak Peek! Start Your Career Filing Personal Tax ReturnsPosted: May 15, 2018 By : Knowledge Bureau Staff Writers
Posted in: Strategic Thinking, tax preparation, CRA, tax credits, knowledge bureau, Evelyn Jacks, tax course, tax reform, Morneau, income tax filing, personal income tax, online education, 2018 Budget, preparing tax returns
Now that it’s May, a whole new tax season – 2018 - has begun! It’s prime time to “spring into studies” and enhance your career with knowledge and skills in personal tax consultancy. Why? Artificial intelligence and software solutions can’t replace the true value of specialized advice.
With the recent changes to tax credits and filing guidelines introduced last year, highly qualified tax consultants are in-demand. But now is the time to participate in learning more about this future-proof career and as important, help Canadians file and audit-proof their returns!
Updated to include the most recent guidelines from the 2018 federal and provincial budgets and other tax reform provisions, Introduction to Personal Tax Preparation provides you with essential information you’ll need to know to file audit-proof tax returns for the 2018 season.
For a special “Sneak Peek,” prospective tax preparers can get a glimpse into the complex Canadian tax system, starting with the basics: who is taxed and what is subject to income tax? Taking the full introductory, entry-level tax course provides you with a solid foundation and understanding of personal taxation in Canada for low- and middle-income taxpayers, including single employees, students, young families, retirees and investors.
“It was a good experience. I really enjoyed. Definitely I have more knowledge. It is practical that we can use directly with real cases. Good examples. I am bilingual and it was very understandable. I was feeling active all the time when I was studying and make me practice with normal cases. Some were challenging like the input of principal residence and how much you can decide to contribute to RRSP and how much RRSP to use in the current year.” - Amparo Paterson (Abbotsford, BC)
Knowledge Bureau students, like Amparo, have found great value in launching their careers using the hands-on, practical learning experiences offered by this 30-hour course. Start with a free trial (and earn 2 CE/CPD credits by taking it), and see why EverGreen Explanatory Notes have become an invaluable resource to Canadian taxpayers.
Then, enroll and study on your own time in the comfort of your own home or office and find the confidence and professionalism to effectively file tax returns on a professional basis with your new certified skills.
You have up to three months to earn the credits that can be applied to graduate in a full designation program. Introduction to Personal Tax Preparation is offered as part of the Distinguished Financial Advisor – Tax Services Specialist designation, and covers the following areas:
Chapter 1: Introduction to Canadian Tax
Taxation Basics: Who is taxed; What is taxed; How income tax is calculated; How tax is collected; Low-income taxpayers and the income tax system; Getting to Know Your Client: the Info screen; Interview Checklist; Who must file; Filing deadlines; Penalties for late filing; Penalties for non-compliance.
Chapter 2: Tax Preparation for Single Employees
Basic Personal Amount; Employment Income – the T4 slip; Canada Employment Amount; Union Dues; Charitable Donations; No T4 slip; Bank Accounts.
Chapter 3: Tax Preparation for Employees with Variations
Employment Insurance – the T4E slip; RRSPs; Public transit passes; Goods and Services Tax Credit; Rent and property tax credits; Auto-fill my return.
Chapter 4: Tax Preparation for Families - Married with Children
Marital status; Year of Co-habitation; Children; Child care expenses; Family medical expenses; Refundable Medical Expense Supplement; Transfer of Credits between Spouses; Infirm dependants; Other dependants; Family Bank Accounts; Canada Child Benefit; Working Income Tax Benefit.
Chapter 5: Tax Preparation for Families - Marital Change
Change in marital status; Child Support, Alimony & Maintenance; Child care expenses; Eligible dependants; Costs of Separation or Divorce; Canada Child Benefit.
Chapter 6: Tax Preparation for Students
Service Industry Income; Scholarships and Bursaries; Moving Expenses; Tuition amounts; Student loan interest; Transferring credits to supporting persons.
Chapter 7: Tax Preparation for Retirees
Old Age Security – T4A (OAS) and Clawbacks; Guaranteed Income Supplement; Canada Pension Plan – T4A(P); Private Pension Income - T4A slips; Pension income splitting; Penson Income Amount; Age Amount; RRSP and RRIF income; Disability Tax Credit; Home Accessibility Tax Credit.
Chapter 8: Tax Preparation for Investors – Non-Registered Accounts
Reporting investment income – T3 and T5 slips – and their carrying charges; An introduction to private loan income; Reporting foreign holdings; Making tax instalments; Attribution.
Chapter 9: Tax Preparation for Investors - Capital Property
Classification of Properties; Mutual funds; Capital gains on disposition of assets; Real estate; Dealing with Losses; Principal residences.
Chapter 10: Basic Tax Planning
Saving for Retirement: TFSA vs RRSP; Home Buyers’ Plan; Lifelong Learning Plan; RESP; In Retirement: Melting down RRSPs; OAS and CPP planning.
Launch a new career or deepen and broaden your knowledge in the financial services career you may enjoy today—start anytime but enroll before June 15 to save on tuition. Remember, Take advantage of the “Sneak Peek” offer by registering for a free trial! Also be sure to mark your calendar for other live and online events from Knowledge Bureau that will help you expand your circle of knowledge about this in-demand field.
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