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.

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