Part 1: December 14th, 2023 (1:00 – 4:00 pm Eastern Time)

Part 2: December 15th, 2023 (1:00 – 4:00 pm Eastern Time)

By Registering for the above, you will receive access to BOTH days

In this live two-part online session, we will review the most recent tax and form changes for Cantax T1, T2 and FormMaster.  We will also discuss recent changes to tax legislation and CRA E-services that impact filing for individual, corporate and trust returns.  Our Cantax Annual Tax Update will provide you with all the essential information you need for the upcoming tax seasons.

DETAILS

Our virtual seminar (presented in two half days) will present the tax and form changes for 2023 T1, T2 and T3 returns and discuss how these changes are being implemented in Cantax. We will also review implemented and proposed changes to legislation, review the latest CRA e-services, and explore some Best Practices with respect to tax compliance.

This virtual seminar will be presented by our experienced tax seminar team during two half day sessions.  Questions and comments will be addressed throughout the session via a Q&A text panel.

Online virtual seminars provide you with an easy way to update your tax knowledge from the convenience of your own home or office.

TOPICS:

Federal T1 Tax and Form Changes

We will examine various 2023 tax and form changes for the T1, including the following:

• Changes to tax rates and limits including passenger vehicles, automobile deduction amounts, RRSP and TFSA contributions
• Increases to CPP pensionable earnings and contribution amounts, including the CPP enhancement for the first and second earnings ceiling
• First Home Savings Account
• Anti-flipping Measures for Sales in 2023 and thereafter
• Changes to tax credits, including the enhanced basic personal amount and the multi-generational home renovation tax credit

Provincial Tax and Form Changes for Individuals

We will highlight various provincial form and tax changes that will impact your 2023 T1 tax returns including significant changes to tax credits.  We will also preview upcoming changes for 2024.

Federal T2 Tax and Form Changes

We will review various tax and form changes as well as issues relating to corporate returns, including:

• Expiry of the immediate expensing rules
• Amending returns for retroactive tax changes

FormMaster Update

We’ll cover changes made to forms and returns in FormMaster, with emphasis on the T3 return, including:

• New filing requirements for trust returns, including bare trusts
• New Beneficial Ownership Reporting Requirements
• T3 EFILE for trust returns

CRA E-Services

We will review the latest changes CRA e-services, including an overview of CRA initiatives and projects.  Some of the topics to be covered are as follows:

• Important dates Efile and other electronic services
• Eligibility of deemed resident, emigrant and S.216 returns for electronic filing
• Process for confirming a representative
• Recent updates to the CRA portals, including “My Trust Account”
• “Digital by default” for business correspondence
• Electronic filing of elections and specialty returns

Status of Legislation

We will provide an overview of recently enacted legislation as well as proposed legislation and budget proposals, including:

• Mandatory Efile, electronic filing of information returns, and electronic payments
• CEBA Loan Repayments
• Investment tax credits for carbon capture, utilization, and storage (CCUS) and clean technologies
• Expanded Mandatory Disclosure Rules
• Intergenerational Business Transfers
• Excessive interest and financing expense limitation (EIFEL) rules
• Canada’s domestic digital services tax

Amendments to the stock option rules, the replacement property rules, and the eligible dividend designation rules.

LEARNING OBJECTIVES:

• Understand the latest changes to tax legislation including draft legislative proposals and budget highlights
• Learn the changes made to federal and provincial tax returns for this year
• Understand the changes to CRA services and portals so you can navigate effectively
• Identify tax issues that you may impact your clients

MINIMUM REQUIREMENTS:

You will require an Internet connection and a phone/voice connection at the same time. Most attendees use their computer for the audio. Participants are able to submit questions and comments during the session via a Q&A text panel. Terms, conditions, pricing and services subject to change.

TARGET AUDIENCE:

This webinar will be of interest to accountants and tax practitioners who use Cantax tax software and are looking to get updated on personal, corporate and trust taxation, as they prepare for the upcoming income tax seasons. 

PROFESSIONAL DEVELOPMENT CREDITS (CPE HOURS):

Wolters Kluwer professional development programs are designed to meet the continuing education requirements of a variety of professional associations. These requirements do vary by association and region. Please consult your provincial association to ensure this webinar meets the continuing professional development standards for your specific situation.

Registrations for each Live Webinar are available until the start of each program. We reserve the right to substitute speakers in the case of instructor illness. In the event that we must cancel a Live Webinar, all registrants will be notified immediately and given the opportunity to either transfer their registration to another Live Webinar or a Recorded Webinar or obtain a refund. For all Live Webinars that are recorded, participants will have access to the recording for 12 months following the Live Webinar. Partial credit will not be awarded for attendees that are not present for the entirety of the Live Webinar. Credit will not be awarded if an attendee does not answer all of the polling questions (where applicable). Additional credit will not be awarded due to the instructor presenting over the allotted time.

CANCELLATION POLICY:

Due to the costs involved with planning Web sessions, cancellations must be confirmed in writing at least one (1) business day before the beginning of the Web session. If we receive your cancellation notice within the above-mentioned period, you will receive a full refund. No refund will be issued for notices received after the cancellation period.

THIS WEBINAR INCLUDES:

• 12 months to review the webinar recording
• Print version of the presentation slides
• PD Certificates totalling 6 hours (3 hours per day)

PRESENTERS:

This webinar is being presented by: Sue Deakin, CPA, CA, MAcc & Maureen Vance B.Com., CPSA, CA

Sue Deakin, CPA, CA, MAcc

Sue is a Professor of Accounting, specializing in tax and auditing, in the Lawrence Kinlin School of Business at Fanshawe College in London, Ontario.  She earned her undergraduate degree and MAcc from the University of Waterloo and her CPA designation thereafter.  She completed her co-op education with Arthur Andersen & Co in Toronto and continued to work at AA& Co. in Taxation upon graduation.  She then worked for 15 years as VP Finance in a property management company before pursuing a teaching career. 

Sue likes to keep active with activities such as golf, running, and workouts.  She enjoys time with family and friends – especially at the family cottage on Lake Huron.

Maureen Vance B.Com., CPA, CA

Maureen obtained her CA with Peat Marwick Mitchell (a predecessor of KPMG) and joined Taxprep (now part of Wolters Kluwer) in 1985. She completed the CICA In-depth tax course in 1991, and since 2002, she has been a consultant to Wolters Kluwer on tax and compliance issues.

Maureen researches and writes material on tax planning and compliance and presents seminars and webinars on various tax and software topics to accounting firms across Canada. She is a member of the CRA-CPA Canada Technology Working Group, a contributor to the CPA Canada Tax Risk Management Guide, a contributor to the Wolters Kluwer publications Preparing Your Income Tax Returns, Preparing Your Corporate Tax Returns, Preparing Your Trust Returns and Preparing Your Partnership Returns.