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Virtual CE Summit

January 19, 2022

Theme: Advanced Personal Tax Update

Early Bird Bonuses:

One month before: free snacks and hard copy materials included

Two weeks before: final deadline for Affinity Program discounts

Everything is Included for a Full
Professional Training Experience

  • Part 1: The virtual instructor-led session. Recordings available after as part of the online course.
  • Part 2: Knowledge Bureau’s online course.
  • Certification and accreditation

This course is available in two parts and is perfect for new and returning employee training. Quizzes and testing included to ensure your team is ready for Tax Season 2022. Earn CE Credits, too.

Who Should Attend?

Are you training new and returning staff working in independent tax filing firms? Perhaps you are a CPA in public practice, a financial advisor, public trustee, legal or financial assistant, municipal officer, payroll or software company serving individuals and business owners with tax compliance? Then don’t miss Knowledge Bureau’s acclaimed Advanced T1 Tax Update 2021 for 2020 T1 Returns.

Accreditation Reminder

This CE Summit qualifies for Knowledge Bureau designate re-licensing requirements
(deadline: June 30 each year).

It is also accredited by various provincial accounting and bookkeeping organizations, insurance councils and IIROC
(pending approval by the regulators)

New to Virtual Events?

All attendees of a CE Summit are invited to join us for an optional orientation session that introduces you to Zoom and the Knowledge Bureau Virtual Auditorium.




Detailed Agenda

(Come back often as new details are released)

ADVANCED T1 TAX UPDATE 2022 for 20221 T1 RETURNS

Theme: Filing Audit Proof Returns in 2022

LOGIN TO ZOOM

8:30 AM CST

PERSONAL TAX UPDATE: WHAT’S NEW IN PERSONAL TAXATION?

8:45 - 9:45 AM

Evelyn Jacks

President, Knowledge Bureau
RWM™ MFA™, DFA-Tax Services Specialist™, MFA-P™

  • What’s New at Finance Canada – New Tax Issues in 2021/2022 Tax Years
  • What’s New at CRA – New Elements of the 2021 tax return
  • Changes specific to taxpayer profiles: (a) singles and credit filers (b) households including families, seniors, investors, proprietors: linking income declaration with deductions, credits, schedules and forms
  • Shake out the cobwebs: dark horses in 2021/2022
  • Tax Facts Precision Update: Knowledge Bureau Jeopardy Test

FOCUS ON EMPLOYMENT INCOME, DEDUCTIONS & CREDITS:

9:45 - 10:30 AM

Evelyn Jacks

President, Knowledge Bureau
RWM™ MFA™, DFA-Tax Services Specialist™, MFA-P™

  • Employment Income and Benefits
  • Home based employment deductions (T777) and (T2200) • Employed commission salespeople, sales expenses, home office and auto expenses
  • Long distance truckers, tradespeople, artists, forestry workers
  • Canadian forces personnel • Executives and their stock options
  • The Clergy
  • Working families – disability supports care, childcare, moving expenses, CWB • Students – income, deductions and credits
  • Northern residents

COFFEE BREAK

10:30 - 10:35 AM

FOCUS ON RETIREES WITH PENSIONS, PENSION INCOME SPLITTING, DEATH OF A TAXPAYER

10:35 – 11:30 AM

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

Review of tax filing requirements pre-retirement, in-retirement, post-retirement.:

A. Accumulation: Public, Private savings plans

B. De-Accumulation: Public Pensions, Private pensions – RRSP, RPP, Locked accounts, RRIFs, Annuities

C. Continued Growth & Preservation: Annuities, TFSAs, Non-registered options Case study Senior Couple: income reporting, deductions, income splitting, income layering

D. Transition: Case study – Death of a taxpayer

FOCUS ON USE OF PERSONAL RESIDENCES

11:30 - 12:00 PM

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

  • Principal residences and 2ND personal residences
  • Home office rules – tips and traps – Simplified and Details methods
  • Change of use (rental to personal, personal to rental)
  • Calculating rental income in Canada, income from second residences abroad
  • Principal residence exemptions, adventures or concerns in the nature of trade, residences as inventory
  • Farm properties, fishing boats and yachts, condos, multiple unit dwellings, other Principal Residence disposition variations

GRAB A BITE

12:00 - 12:15 PM

CRA TECHNOLOGY DISCUSSION: What’s new at the CRA for 2022

12:15 - 12:45

Mark Mayer
Manager, CRA
Authorizations and BN Strategy Section

FOCUS ON INCOME FROM PROPERTY & INVESTMENTS

12:45 - 2:00 PM

Cory Bickerton
CPA,CA

This session is a broadly-based overview of how various types of investment and property income is taxed and how such income should be reported for tax purposes by the investor/taxpayer. The materials will discuss dividends, rental income, private company dividends, foreign income, partnership and mutual fund income, capital gains (losses) and many other related topics.

FOCUS ON BUSINESS OWNERS – T2125 and Schedules

2:00 - 3:00 PM

Dr. Dean Smith
PHD, CFP, TEP, CPA, CA, RWM™

A. Reporting sources of income: fiscal year-ends, cash vs. accrual, business profile nuances:

  • The Gig Economy - self-employed consultants, childcare
  • Inventory-based ventures (Avon, etc), online
  • Professionals
  • Farming & fishing with inventory provisions and drought deferrals

B. Acquiring Assets: New capital cost allowance rules for 2018-2027

  • Auto, tangible and intangible properties; buy vs.lease calculations

C. Deductions: full, restricted, mixed use, conferences & training, cell phones, GST/HST,

D. Partnerships: arm’s length, spousal partnerships, with adult children

E. Case Study: Recording transfer/sale of assets, terminal loss, recapture, rollovers, other issues

COFFEE BREAK

3:00 - 3:05 PM

CROSS BORDER ISSUES

3:05 - 4:00 PM

Dr. Dean Smith
PHD, CFP, TEP, CPA, CA, RWM™

A. Part year residency: immigration and emigration

B. Foreign Income: Employment, self-employment, US real estate, investments

C. Foreign Assets: Acquisition, T1135, Dispositions

OPTIMIZING LIFE TRANSITIONS: INVOLUNTARY AND VOLUNTARY SEPARATIONS Including Disability, Divorce and Death

4:00 - 4:30 PM

Gerry Vittoratos
Lead Trainer
Thomson Reuters, Tax & Accounting Canada

With Tax Software Practical Applications – With Thanks to Our Special Guest Partner: Thomson Reuters, Tax & Accounting (Canada)

CLOSING REMARKS

4:30

This was a great, very informative summit! Answered a lot of my questions and gave me points to touch on with my clients.– Cathy Losing