Cantax T1 Half Day Update, AC Recorded Webinar

This Recorded Webinar presents the tax and form changes for 2023 T1 returns and discusses how the changes have been implemented in Cantax. A review implemented and proposed changes to legislation, review the latest CRA e-services, and explore some Best Practices with respect to tax compliance round out this informative session.

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
Timing of Climate Action Incentive payments
Changes to tax credits, including the enhanced basic personal amount and the multi-generational home renovation tax credit 
 

Provincial Tax and Form Changes

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. 

CRA 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 for Efile and other electronic services

·       CRA’s administrative position for electronic payments over $10,000

·       Eligibility of deemed resident, emigrant and S.216 returns for electronic filing 

·       Recent changes to My Account

·       “Digital by default” for business correspondence

·       Registering for CRA portals

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

·       Proposed changes to Alternative Minimum Tax

·       Changes to RESP plans

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 may impact your clients

TARGET AUDIENCE:

This webinar will be of interest to accountants and tax practitioners who use Cantax tax software and are seeking the latest updates on personal taxation, as they prepare for the upcoming income tax season.  

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 RECORDED WEBINAR INCLUDES:

PDF version of the presentation slides
PD Certificate for 3 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 likes to keep active with 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.