Step-by-Step guide to Preparing T1 return in TaxPrep (2017 -2019)

Advance Personal Tax Course - This course over 10 hours of training material. There are several topic-by-topic tutorial and training videos, more than 12 case studies with detailed walk-through in T1 software, several practice cases, presentation/slides and other valuable resources. 

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The most comprehensive online course on how to prepare Canadian personal tax returns using a Tax Software.


**Student Version of TAXPREP T1 software is included with the course**

Note - T1 software is for study purposes only 


Who will Benefit:

This course will benefit individuals who wish to expand or update their Taxprep T1 tax software working knowledge. Practitioners who want to learn how T1 and various tax schedules are prepared using Taxprep. CPAs who have been away from public practice for some time, and are looking for a quick refresher on preparing T1. Accountants who are planning to set up their small CPA firm practice. 

This course is also very useful for: 

      • New Grads/Co-ops & CPA students who are applying for entry-level jobs at CPA/CA and public accounting firms.
      • Freelance Bookkeepers who want to expand their business by providing T1 preparation services.
      • People who want to do their taxes.
      • CPA Professionals working in accounting firms
      • CPA Professionals working in Industry

Learning Objectives 

      • Learn how to prepare a personal tax return from start to finish.
      • How to set up a client file and navigate through Taxprep
      • How to create a family profile and identify possible planning opportunities
      • How to identify and claim non-refundable tax credits
      • How to claim non-refundable tax credits (public transit, donations, medical expenses, tuition, textbook and education amount, interest on government-provided student loans, etc…)
      • How to work with various T slips; employment income, investment income (interest, dividends) & other income 
      • Understanding the common T-Slips (T3, T4, T4A, T5, T4RIF, T4RSP, T2202A, T5013)
      • How to report capital gains & losses on the disposition of capital property such as shares, building, vehicles, etc.
      • How to report investment income
      • How to report deductions such as professional fees, carrying charges, child care, moving expense and RRSP
      • How to report employment expenses
      • How to report self-employed business income and expenses
      • How to report rental income and expenses
      • How to amend T1 and request loss carry back

Intermediate Personal Tax Topics 

      • Preparing T1 - 7 step process 
      • Identification and client profile
      • Working with T-slips
      • All about Federal Tax Credits
      • T1 jacket and Schedules
      • Schedule 1: Federal tax calculation
      • Schedule 3: Capital gains (or losses)
      • Schedule 4: Statement of investment income
      • Schedule 9: Donations and gifts
      • Schedule 11: Tuition and education amounts

Advance Personal Tax Topics 

      • T2125#: Statement of business activities
      • T2125#: Statement of professional activities
      • T776#: Rental income
      • T777: Employment expenses
      • T778: Child care expenses
      • ABIL: Allowable business investment loss
      • Loss: Net capital losses
      • Loss: Non-capital losses
      • RRSP: RRSP deduction
      • Support: Support payments

Tax planning to maximize tax refund

      • Child support and spousal support
      • All about RRSPs rules, contribution limit
      • Profession fees and union dues
      • Child care expenses and Moving Expenses
      • Carrying charges and interest expenses
      • Home-Office expense
      • Loss carry back and carry forward
      • Auto and Travel Expense issues
      • Lifetime capital gain exemption 
      • Capital Assets and CCA-depreciation

Course Walkthrough

  • Download Taxprep T1 Personal tax demo version for free
  • 2019 - Taxation (TEXT BOOK/GUIDE) - Reading material
  • Presentation Slides & Case Studies - Taxprep Personal T1
  • Additional Reading Canadian Tax Guide - 2019
  • What’s New for Tax Years after 2017/2018?
  • 2019 tax rates
  • Year-end Tax Planner 2018
  • 2019 Facts and Figure
  • 2018/19 Tax calculators & rates
  • Introduction to the course
  • Preparing T1 return - 7 Step process
  • CRA's guide to preparing T1 personal tax return
  • How are taxes computed
  • Step 1 of Preparing a T2 Return - Set up Client's Profile and Identification
  • Case Study 1 - How to set up client's profile
  • Case Study 2 - How to set up Family Profile (spouse and kids information)
  • Step 2 - Entering T-slips such has T4, T5, T3 and ...
  • Consider taxpayer's eligibility for non-refundable tax credits
  • Case Study 3 - Personal Tax planning to Maximize Tax Refund for the Family
  • Case Study 4 - Tax Planning for Salary & Dividend mix from a corporation based on Taxpayer's/shareholder's personal tax situation
  • Case Study 4 - Question 2 and 3
  • Complete Schedule 3 if the taxpayer realized a cap...
  • T1 Schedule 3 - All you need to know about Capital Gains and Losses
  • Case Study 5 - How to report Capital gains on Schedule 3 of the T1 return
  • T1 Schedule 4 - All you need to know about Investment Income - Interest and Dividends
  • Case Study 6 - How to report Investment income, carrying charges and briefly look at Attribution
  • RRSP Deduction - All you need to know about RRSP and a Case Study # 7
  • T777 - Employment Expenses and Case Study 8
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  • T2125 - Statement of Business Activities & Case Study 9
  • T776 - Statement of Real Estate Rental Properties
  • Case Study 10 - How to report rental income from rental properties and capital gain/recapture on disposition
  • RECAP - Preparing a Personal Tax Return - 7 Step Process
  • Preparing T1 – Taxprep Basics
  • Your Feedback is very important for us!
  • Certificate of Completion

What People Are Saying About Us

Meet our happy clients and find why our course is the preferred choice.

"Excellent training - I found the hands-on practical experience very very useful"

Carol Miller, CPA student

"Very useful and practical courses, the instructor is very knowledgeable. Will definitely recommend to all CPA students"

Brandon Riley, CPA student

"The courses were very well structured and organized. Keep up the good work! I'd love to attend more sessions"

Jonathan Lawson, CPA student

"The step by step video tutorial is easy to follow and the case study that required marking and feedback. Overall a Brilliant Course!!"

Bruce Smith, CPA Student