Introduction to Personal Income Tax
Lesson 1. Introduction:
· Overview of personal income tax system in Canada
· Requirements to file a tax return and deadlines
· Explanation some important taxation concepts
· General tax administrations
Lesson 2. Prepare a tax return on pre-printed Federal T1
· Overview of tax return and related schedules.
· Calculation of total income, net income, taxable income tax rates
· Deductions and credits.
· Introduction of tax preparation software – QuickTax
Lesson 3. Income inclusion
· Employment income and common taxable benefits
· How to report Business and Professional Income
Lesson 4. Income inclusion continues
· Income from property (rental income) and other sources.
· Capital Gains and losses: how to correctly prepare schedule and calculation to report capital gains and losses on rental property, stocks and other source.
· Investment income
Lesson 5. Details discussion of Deductions and Credits:
· Overview of RRSP
· Overview of EI and CPP
· Child Care Expenses claims
· Tuition and education amounts
· And some other common deductions
Lesson 6 Course overview and summary.
We will prepare comprehensive personal tax returns either on pre-printed forms or on QucikTax. Students bring their tax scenarios are welcomed.