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Virtual CE Summit

January 20, 2021

Theme: Advanced Personal Tax Update

Early registration ends January 15.

OVERVIEW

Knowledge Bureau’s acclaimed Advanced T1 Tax Update 2021 for 2020 T1 Returns has gone to a live, virtual format to provide a detailed refresher for professionals in the tax, bookkeeping, accounting and financial services. This is an essential professional training program for new and returning staff and this year features four of Canada’s most esteemed tax instructors plus informative information sessions from CRA and Thomson Reuters.

WHO SHOULD ATTEND?

This online course and live CE Summit is Ideal for training new and returning staff working in independent tax filing firms, CPAs in public practice, financial services firms, public trustees, legal assistants, municipal officers, payroll and software companies who employ staff involved with any CRA remittances. Professionals may earn up to 30 CE/CPD credits and participate in important networking to build their businesses with relationships across the financial services.

WHAT’S INCLUDED?

Everything is included for the low tax-deductible tuition fees. Our incredible line up of Canadian tax experts will provide deep insight into the newest tax changes for the 2020 tax filing year and the common scenarios that trip up even the most experienced tax advisors to give you a competitive edge in your community at the January 20 Virtual CE Summit. Each delegate will have the opportunity to ask their most pressing tax questions of the experienced tax instructors at the event. Students will also be treated to a hard copy of Knowledge Bureau’s Line-by-Line Journal, affectionately known as “The Tax Bible” which has morphed into a 10-chapter online course.

WHY IS THIS ESPECIALLY TIMELY?

Every year there are significant changes on the personal tax return and new rules behind the lines that must be understood by professional who file returns or participate in the provision of tax filing information for their clients. But especially this year, as a result of COVID benefits there are more tax changes and more first-time filers than ever before. Therefore, if you are working as a professional in the tax, bookkeeping or financial services, or are hiring people to do so for you, or are working as an executor or trustee for a deceased or vulnerable person, it is critical to know the personal tax changes for the current tax filing year. Be better informed to answer questions about required documentation, tax compliance, tax planning for individuals and families.

Detailed Agenda

(Come back often as new details are released)

ADVANCED T1 TAX UPDATE 2021 for 2020 T1 RETURNS

THEME: FILING AUDIT PROOF RETURNS IN 2020

8:30 AM CST

Login to Zoom

8:45 - 9:45 AM

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 Issues in 2020/21
  • What’s New at CRA – New Elements of the 2020 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 2020/2021
  • Tax Facts Precision Update: Knowledge Bureau Jeopardy Test

9:45 - 10:30 AM

FOCUS ON EMPLOYMENT INCOME, DEDUCTIONS & CREDITS

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

  • Employment Income and Benefits Recording in 2020 • 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

10:30 - 10:35 AM

COFFEE BREAK

10:35 - 11:30 AM

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

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

11:30 - 12:00 PM

FOCUS ON USE OF PERSONAL RESIDENCES

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

  • Principal residences and 2ND personal residences
  • Home office rules – tips and traps • 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

12:00 - 12:16

GRAB A BITE!

12:15 - 12:45 PM

CRA TECHNOLOGY DISCUSSION: What’s new at the CRA: Authorization procedures, in particular Business Number Strategies

Mark Mayer, Manager, CRA Authorizations and BN Strategy Section

12:45 - 2:00 PM

FOCUS ON INCOME FROM PROPERTY & INVESTMENTS

Larry Frostiak, FCPA, FCA, CFP, TEP, RWM

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.

2:00 - 3:00 PM

FOCUS ON BUSINESS OWNERS – T2125 and Schedules

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

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

o The Gig Economy - self-employed consultants, child care

o Inventory-based ventures (Avon, etc), online

o Professionals

o Farming & fishing with inventory provisions and drought deferrals

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

o 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

3:00 - 3:05 PM

COFFEE BREAK

3:05 - 4:00 PM

CROSS BORDER ISSUES

Dr. Dean Smith

A. Part year residency: immigration and emigration, U.S. Citizens in Canada

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

Foreign Assets:

Acquisition, T1135, Rental income, dispositions

4:00 - 4:30 PM

CASE STUDY: TAX FILINGS FOR A HNW DIVORCING COUPLE

With Tax Software Practical Applications

Gerry Vittoratos, Lead Trainer, Thomson Reuters

With thanks to our Special Guest Partner: Thomson Reuters, Tax & Accounting (Canada)

4:30

CLOSING REMARKS

What a great summit! It has really shown me where my knowledge gaps lie and furthered my thirst to keep shrinking them with Knowledge Bureau. I really look forward to the next one!” – Dustin Burke