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Virtual CE Summit

January 18, 2023

Advanced T1 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.

STUDY WITH A BUDDY:

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 2023.

Accreditation Reminder

THIS CE SUMMIT QUALIFIES FOR KNOWLEDGE BUREAU DESIGNATE RE-LICENSING REQUIREMENTS, DEADLINE JUNE 30, 2023. 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.

Everything is included for a full professional training experience:

PART 1: THE VIRTUAL INSTRUCTOR-LED SESSION ON JANUARY 18 OR FEBRUARY 7. ATTEND & EARN 10 CE CREDITS. RECORDINGS AVAILABLE AFTER AS PART OF THE ONLINE COURSE.

PART 2: KNOWLEDGE BUREAU’S ONLINE ADVANCED T1 TAX UPDATE COURSE AND LINE-BY-LINE REFERENCE GUIDE – COMPLETION DATE IS MAY 7. EARN 20 CE CREDITS.

Detailed Agenda

(Come back often as new details are released)

8:15 AM (CST)

WELCOME AND INTRODUCTORY COMMENTS

8:30 - 9:45AM

PERSONAL TAX UPDATE: WHAT’S NEW IN PERSONAL TAXATION?
Evelyn Jacks
President, Knowledge Bureau
MFA™, DFA-Tax Services Specialist™

What’s New at Finance Canada -Tax Theory Changes for 2022 and 2023 including

  • New Benefits and Clawbacks – Canada Dental Benefit, CCB, CWB, etc.
  • Non-Refundable Credits: DTC Enhancements and Notices of Determination
  • Doubling Home Accessibility Tax Credit Effective January 1, 2022
  • Underused Housing Tax Return: filing requirements
  • Changes to Home Buyers’ Tax Credit
  • New Labour Mobility Deduction for Tradespeople
  • Medical Expense Tax Credit changes
  • New Multi-Generational Reno Tax Credit


Changes overview - taxpayer profiles: families, seniors, investors, proprietors

What’s New at CRA – Changes on the 2022 tax return, schedules & auxiliary forms

Tax Facts Precision Update: Knowledge Bureau Jeopardy Quiz: Shake out the cobwebs and find the Dark Horses!

9:45 - 10:00 AM

COMMUNICATIONS BREAK

10:00 - 10:30 AM

FOCUS ON EMPLOYMENT INCOME, DEDUCTIONS & CREDITS: SHORT SNAPPERS!

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

  • 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 (TL2)
  • Canadian forces personnel, Executives and their stock options, The Clergy (T1223)
  • Working families – disability supports care, childcare (T778), moving expenses (T1M), CWB (Sch 6)
  • Students – income, deductions and credits (Sch 7)
  • Northern residents (T2222)

10:40 - 11:45 AM

FOCUS ON RETIREMENT: TAX FILING TIPS AND TRAPS

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

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:

  • Filing/Planning Tips and Traps: “Take It Now of Defer?” (OAS, CPP, RPPs, RRSP); “What is it and Why?” (Annuities, RRIFs & ALDAs); “Secrets in Pension Income Splitting”, and “Make Foreign Pensions Count” (T1135,Tax Treaties and FTC)
  • Secrets in reporting income entries: T3, T4As, T4RIF, T4RSP, T5, T5008 AND MORE
  • Forms Appendix Review: Schedule 7, RC249, 267, 268, 298, 339, 4177, 4178, 4625, T1-OVP-S, T746, T1032, T1043, T1090, T2019, T2030, T2033, T2205, T220, T3012

11:45 - 12:15PM

FAMILY OPTIMIZATION STRATEGIES

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

Learn how to optimize provisions on the personal tax return for families within common family filing profiles: students, married couples with children, divorcing couples, retirees, disabled people, those maximizing charitable donation claims during their lifetimes and on terminal filings.

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

12:15 - 12:45 PM

LUNCH BREAK

12:45 - 1:45 PM

REAL ESTATE TRANSACTIONS

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

  • Home Office Rules – tips and traps – simplified and detailed methods •
  • Tax-Free First Home Savings Account (FHSA)
  • Multigenerational Home Renovation Tax Credit
  • Personal Residences - Principal Residence Exemptions
  • Effect of 2ND personal residences on PRE – calculations
  • Online Platform Rentals - GST implications
  • Legacies: $100,00 Capital Gains Exemption
  • Residential Property Flipping Rule, plus new deemed loss rules
  • Residences held as inventory, capital gains reserves
  • Personal Residences as Rental Property: Change of use rules
  • Additional Holdings: farm properties, condos, multiple unit dwellings, REITs, AMT
  • Foreign Ownership – Canadians with property abroad • Foreign Ownership – non-Canadians - 2 Year ban on foreign investment in housing
  • Forms Appendix Review: T776, T2091, T664, T691, T1135, Underused Housing Return

1:45 - 1:55 PM

COMMUNICATIONS BREAK

1:55 - 3:00 PM

FOCUS ON INCOME FROM PROPERTY & INVESTMENTS

Larry Frostiak, FCPA, CA, RWM™

This session is a broadly-based, comprehensive 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 from public companies, private company dividends
  • foreign investment income,
  • income from limited partnerships
  • capital transactions including identical properties, a variety of securities transactions, hedging transactions
  • loss applications
  • claiming of carrying charges; in particular, interest expenses
  • Planning - corporate owner-managers: finding tax free income within the corporation
  • Forms Appendix Review: T1A, T123, T657, T936, T1105, T1170, T1212, T1255, T2017

3:00 - 3:15 PM

COMMUNICATIONS BREAK

3:15 - 4:15 PM

FOCUS ON BUSINESS OWNERS – T2125 and Schedules

Larry Frostiak, FCPA, CA, RWM™

  • Reporting income: fiscal year-ends, cash vs. accrual, GAAR, reportable transactions
  • Partnerships: arm’s length, spousal partnerships, with adult children
  • Micro Business Profiles – tips and traps: consultants, child care, artists, construction, inventory-based ventures (Avon, etc), online platform sales, professionals
  • Farming & fishing - inventory provisions and drought deferrals
  • Acquiring Assets: Immediate and accelerated expensing: auto, tangible and intangible properties; buy vs. lease calculations
  • Deductions: full, restricted, mixed use, conferences & training, cell phones, GST/HST, terminal losses, valuation on transfer of assets
  • Loss applications

4:15 - 4:30 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

“Another great day for knowledge and fantastic speakers and topics.” – Tammie Gilbert

“Awesome first-time experience Evelyn and team. Thank you.” – Tania D-Souza