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 filings 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.  

TOPICS:
Federal T1 Tax and Form Changes
We will examine various 2024 tax and form changes for the T1, including the following:

• Capital gains inclusion rate changes and transitional rules
• 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
• Changes to deductions such as CCA and expenses for short-term rentals
• Increase in the Home Buyer’s Plan withdrawal limit
• Changes to tax credits 
• Changes to the AMT 
• Increase in the Rural Supplement for the Climate Action Incentive

Provincial Tax and Form Changes for Individuals
We will highlight various provincial form and tax changes that will impact your 2024 T1 tax returns.   We will also preview upcoming changes for 2025. 

T2 Tax and Form Changes
We will review various federal and provincial tax and form changes as well as issues relating to corporate returns, including:

• Changes to the capital gains inclusion rate including the impact to the Capital Dividend Account and the Capital Gains Reserve
• Accelerated Capital Cost Allowance for certain property
• Updates to Clean Energy Tax Credits
• Changes to GAAR, Mandatory Disclosure and EIFEL rules
• Canada Carbon Rebate for Small Businesses including payment amounts and the tax treatment of the rebate

FormMaster Update
We’ll cover changes made to forms and returns in FormMaster including: 

• Change to the capital gains inclusion rate for partnerships and trusts
• CRA Guidance on bare trust filings for 2024
• Update to the filing requirements for the Underused Housing Tax return (UHT2900)
• Changes to Alternative Minimum Tax for Trusts for 2024
• Changes to Internet File Transfer for T-slips and the T5013 return
• New T1135 transmission 

CRA E-Services
We will review the latest changes to CRA e-services, including: 

• Important dates for Efile and other electronic services
• “Digital by default” for business correspondence
• Recent updates to CRA portals
• Transfer of individual payments online

Status of Legislation
We will provide an overview of recently enacted legislation as well as proposed legislation.  
 

LEARNING OBJECTIVES:

• Understand the latest changes to tax legislation including draft legislative proposals
• 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 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 can submit questions and comments during the session. 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. If 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 30 days 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:

• 30-days to review the webinar recording 
• PDF version of the presentation slides 
• PD Certificate for 6 hours 

PRESENTERS:

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 has been assisting with the Wolters Kluwer webinars and seminars since the Fall of 2019.  

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, CPA, CA

Maureen obtained her CA with Peat Marwick Mitchell (a predecessor of KPMG) and joined Taxprep (now a part of Wolters Kluwer) in 1985. She completed the CICA in-depth tax course in 1991, and since 2002 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 contributing author for the Wolters Kluwer publications Preparing Your Income Tax Returns, Preparing Your Trust Returns, Preparing Your Corporate Tax Returns and Preparing Your Partnership Returns and a frequent contributor to the Wolters Kluwer Canada publication Tax Topics.