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