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Join us for our first in-person CE Summit Event in three years!


CE Summits Live

February 7, 2023

Pearson Convention Center

Advanced Personal Tax Update

Shake out the cobwebs and drill down on the detailed tax theory or “dark horses” as well as all news from CRA and Finance Canada for filing 2022 tax returns.

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 2023 for 2022 T1 Returns.

Detailed Agenda

(Come back often as new details are released)

Check out Last Year’s Agenda

January 2023 Agenda Coming Soon

8:30 - 9:45AM

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

  • What’s New at Finance Canada – December 14 Economic Update and New Tax Issues for 2021/2022 Tax Filing Years
  • What’s New at CRA – New Elements on the 2021 tax return
  • Changes specific to taxpayer profiles: (a) singles and credit filers (b) households including families, seniors, investors, proprietors
  • Shake out the cobwebs: dark horses in 2021/2022
  • Tax Facts Precision Update: Knowledge Bureau Jeopardy

9:50 - 10:35AM

FOCUS ON EMPLOYMENT INCOME, DEDUCTIONS & CREDITS:

  • 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

10:45 - 11:30AM

FOCUS ON RETIREMENT: TAX FILING TIPS AND TRAPS

No matter the age, tax pros have discussions about retirement savings for most taxpayers; yet understanding the investments behind the key T-slips and the goals for the money is not always obvious. In this case-driven session, drill down on the types of investments that drive the slip entry errors using two key elements of a Real Wealth Management framework:

A. Accumulation and De-Accumulation: Record with precision, the tax write-offs for retirement savings while managing key questions when filing returns: “Take It Now of Defer?” (OAS, CPP, RPPs, RRSP); “What is it and Why?” (Annuities, RRIFs & ALDAs); “Secrets in Pension Income Splitting”, “How Much is TOO much” (personal pensions) and “Make Foreign Pensions Count” (Tax Treaties and FTC)

B. Growth & Preservation: “What’s the theory?” Secrets in reporting income entries from slips including T3, T5 T5008

11:35 - 12:05PM

RARE ENTRIES: TAX FILING PRIMER FOR SEASONED PREPARERS

  • Individuals: Principal residences and 2ND personal residences, variations on dispositions
  • Home Office Rules – tips and traps – simplified and detailed methods
  • Rental Property Owners: Change of use (rental to personal, personal to rental), capital gains reserves, Flipping, and Adventures and Concerns in the Nature of Trade, residences as inventory, farm properties, fishing boats and yachts, condos, multiple unit dwellings, AMT, and the Capital Gains Exemption

12:30 - 1:00 PM

CRA FIRESIDE CHAT: What’s New from CRA

Learn about enhanced features in My Business Account that align with record retention, periods, new features on Represent a Client, news on filing GST returns, the Digital Mailroom project and new ID requirements when calling the CRA.

1:05 - 2:05 PM

FOCUS ON INCOME FROM PROPERTY & INVESTMENTS

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.

2:10 - 3:00 PM

FOCUS ON BUSINESS OWNERS – T2125 and Schedules

1. Reporting sources of income: fiscal year-ends, cash vs. accrual, business profile nuances:
2. Partnerships: arm’s length, spousal partnerships, with adult children

  • The Gig Economy - self-employed consultants, child care
  • Inventory-based ventures (Avon, etc), online
  • Professionals
  • Farming & fishing with inventory provisions and drought deferrals
  • Auto, tangible and intangible properties; buy vs. lease calculations

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

3:00 - 4:00 PM

CROSS BORDER ISSUES

  1. Part year residency: immigration and emigration
  2. Foreign Income: Employment, self-employment, US real estate, investments
  3. Foreign Assets: Acquisition, T1135, Dispositions

4:05 - 4:35PM

OPTIMIZING LIFE TRANSITIONS: INVOLUNTARY AND VOLUNTARY SEPARATIONS

Including Disability, Divorce and Death With Tax Software Practical Applications

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

4:35 PM

CLOSING REMARKS

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