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Last updated: January 13 2014
Learn the Foundation of T1 Tax Preparation
Prepare consistently accurate T1 personal tax returns and skillfully achieve double-digit returns in your plans for Real Wealth Management™ with your clients. Enrol in T1 Professional Tax Preparation – Basic and be on your way to earning your DFA-Tax Services Specialist™ designation.
"An open book approach is great for learning. It helped me to go back and review the materials over again so that I could get the right answers on the quiz but it also provided a good understanding of all the material. I think this course has been very helpful and will enable me to start my first year of T1s with my company in a much more effective way. "
– Bryce Walton
T1 Professional Tax Preparation – Basic
Tax Planning
By: Evelyn Jacks, Walter Harder
PROGRAM: Tax Services Specialist
Tax preparation is always timely, as it is the taxpayer's legal right and duty to file a tax return for the entire family to the best benefit of the unit as a whole. But from a tax and financial planner's point of view, it is critical to know the mechanics of tax preparation as a prerequisite to tax efficient financial planning. If you don't know tax, you're missing double digit returns in your plans for real wealth management with your clients.
CONTENT DESCRIPTION AND KEY CONCEPTS.
This course introduces a proven process for consistently accurate T1 tax preparation services with a professional client interview and documentation management system, as well as a thorough understanding of tax preparation for the five anchor profiles upon which every personal tax return is based:
- credit filing,
- employees,
- families and children,
- investors and
- seniors.
The course is perfect for new owner-managers who require a train-the-trainer manual, as well as new entrants into the tax preparation market including new seasonal staff in a busy tax accounting office. The course will train your staff on tax preparation services and includes the latest tax changes for the upcoming tax year. Professional tax preparation and research software (student versions) are included as one of the course components.
CERTIFIED SKILLSETS: The student will be exposed to a broad range of personal income tax topics in common scenarios, each featuring short answer and true-to-life case studies which overview the basic elements of the tax return and the details behind claiming income, deductions and tax credits on most lines of the personal tax return. The student will be able to competently prepare basic personal tax returns.
METHODOLOGY:
The student prepares case studies using the income tax software of their choice and researches tax questions using EverGreen Explanatory Notes. For students who don't have their own software, student versions of ProFile, DRTax and TaxCycle T1 software are available for download.
Students will also use the following calculator from the Knowledge Bureau Toolkit to explore true-to-life scenarios:
- The Tax Return Estimator
MARKS ALLOCATION:
| Quizzes | 25% |
| Case Studies | 50% |
| Final Exam | 25% |
| Passing Grade | 60% |
| Honours Achievement | 90% |
