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