A wide variety of issued are encountered in the preparation of Canadian personal income tax returns. This course addresses technical and practical issues arising from these diverse issues, to better prepare the participant to prepare and/or review personal income tax returns. Participants will gain an overall understanding of tax compliance issues, enhancing their ability to prepare complete and accurate tax returns, and to identify and address planning opportunities which arise in the preparation of personal income tax returns.

Few things cause people more anxiety than income tax. In fact, many accountants even experience challenges in negotiating the slippery slopes of income tax preparation. To alleviate such stress, this course provides participants with a broad overview of income tax issues that can impact taxpayers filing their personal returns. You will obtain a broad overview of income tax issues that can impact taxpayers filing personal returns.

This course provides a comprehensive review of income tax compliance and planning issues relevant to the preparation of Canadian personal income tax returns, including the technical and practical issues arising from these diverse issues as a means of enhancing your ability to prepare and/or review complete, accurate corporate income tax returns. The precise content of the course depends on class discussion, but you will receive reference materials on all topics.

In addition, the course identifies and addresses planning opportunities that arise in the preparation of personal income tax returns. However, the course’s exploration of tax planning matters focuses on those that are, or can be, implemented during the preparation of tax returns, rather than broader tax planning undertaken on a proactive basis outside of the annual tax return preparation process.

If you are seeking a more detailed review of other personal tax planning issues, you may wish to consider attending Personal Tax: Review of Tax Planning or other courses focused on specific tax planning issues of interest.

Furthermore, the course excludes discussion about the completion of specific tax return forms due to the constant evolution of these forms and the practical reality that tax returns are virtually always prepared by professionals using computer software.

Topics Include:

• Liability for tax
• Employment income
• Retirement income
• Property income 
• Business income 
• Capital gains and losses
• Other income and deductions
• Personal tax credits
• Computation of tax
• Administration and disclosure
• Provincial issues

NOTE: This course description has been revised and reflects updates for 2024. If you have any questions, please contact pdevents@cpaontario.ca.

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By the end of this course, participants should be able to:

• Identify and evaluate issues impacting personal income tax filings.
• Analyze income tax issues for appropriate personal tax reporting.
• Assess tax planning alternatives arising in the course of preparing personal income tax returns.
• Assess the appropriateness of the results delivered by income tax software.