Preparing T1 Canadian Personal Tax Return using Profile Tax Software + 15 Case Studies

Learn how to prepare a T1 personal tax return for Canadian individuals from start to finish, including self-employed business, rental properties, employment expenses, RRSP, investments, capital gains and much more.

Preparing personal tax returns can seem pretty complicated. However, most Canadians have very simple tax matters. After completing our course you will be able to complete your own tax returns, or the tax returns for your family or tax clients, with ease. You will learn everything you need to know to prepare the majority of tax returns you will come across.

The course include a link to download FREE demo version of Profile tax software.

Course Description:

1. How to set up a new client file

2. How to create a family profile and identify possible planning opportunities

3. How to identify and claim non-refundable tax credits

4. How to input various T slips; employment income, investment income (interest, dividends) & other income

5. How to report deductions such as prof fees, carrying charges, child-care, moving expense and RRSP

6. How to report employment expenses

7. How to report self-employed business income and expenses

8. How to report rental income and expenses

9. How to amend T1 and request loss carry back

Learning Objectives

• Preparing T1 - 7 step process

• In-depth review of Non-refundable Tax credits

• Learn preparing T1 for Self-employed business, rental properties and investment income

• Learn how to report QSBC shares and claim life time capital gain exemption

• Learn about RRSP and other deferred tax plans

• Learn about childcare deductions, moving expenses, professional dues and support payment

• How to claim employment expenses and home office expenses

• Learn how to carry back net capital loss - preparing form T1A