Cantax Annual Tax Update

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

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.

THIS WEBINAR INCLUDES:

• 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.