Cantax Annual Tax Update Recorded Webinar Dec 2022

OVERVIEW

Staying current on tax, form, software and e-service changes is critical to the success of a tax practice. Our Cantax Annual Tax Update can provide you with all the essential information you need!

DETAILS

Our recorded webinar will present the numerous tax and form changes for 2022 T1, T2 and T3 returns and discuss how these changes are being implemented in Cantax. We will also review upcoming tax legislation, review the latest CRA e-services, and delve into some Best Practices with respect to tax compliance.

This virtual seminar will be presented by our experienced tax seminar team. Online virtual seminars provide you with an easy way to stay up to date in your tax compliance from the convenience of your own office.

TOPICS:

Status of Legislation

A review of the recently enacted legislation as well as proposed legislation and how it will affect you, including the following:

·       Proposed legislation on electronic filing, delivery of notices and electronic payments

·       Proposed “anti-flipping” rules for real estate

·       Proposed legislation for the new First Home Savings Account (FHSA)

·       Proposed legislation on reportable transactions

Federal T1 Tax and Form Changes

We’ll examine various 2022 tax and form changes for the T1, including the following:

·       Immediate expensing rules for self-employed individuals

·       New labour mobility deduction

·       Increase in the First Time Home Buyer’s Tax Credit

·       Increase in limits for passenger vehicles

·       Medical expense eligibility for fertility expenses or surrogacy

·       New form T1B for deducting repayments of COVID-19 benefits

·       Home Office Expenses for 2022

·       Revised eligibility for the Disability Tax Credit

·       New form T2039, Air Quality Improvement Tax Credit

·       New investment tax credit for carbon capture and critical mineral exploration tax credit

Provincial Tax and Form Changes for Individuals

We’ll discuss various provincial form and tax changes that will impact your 2022 T1 tax returns and preview some upcoming changes for 2023.

CRA Services

·       Process for confirming a representative

·       Increased security for Represent a Client (RAC)

·       Changes to the CRA Portals

·       Interactions between Efile registration and RepID

Federal T2 Tax and Form Changes

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

·       Updated Schedule 8 for immediate expensing

·       Enhancements to AFR

·       Amending returns for retroactive tax changes

·       CEBA Loan Forgiveness

·       CRA Education Initiative on Personal Services Businesses

FormMaster Update

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

·       T3 EFILE for trust returns

·       Proposed new filing requirements for trust returns

·       Proposed new beneficiary ownership disclosure requirements for trusts

·       New T2054 for Capital dividends

LEARNING OBJECTIVES:

·       Get updated on latest changes to tax legislation including draft legislative proposals

·       Learn what changes will affect your federal and provincial tax returns for this year

·       Become familiar with T3 EFILE

·       Be aware of upcoming tax issues that you may want to discuss with 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 get ready for the coming 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.

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 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.

THIS WEBINAR INCLUDES:

• Print version of the presentation slides

• Companion Resource Guide

• PD Certificate for 6 hours

PRESENTER:

This webinar is being presented by: Sue Deakin, CPA, CA, MAcc and Maureen Vance, B.Com., CPA, 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.  As coordinator of the Accounting programs at Fanshawe, Sue led the development of the Bachelor of Commerce, Accounting and the graduate certificate in Professional Accounting.

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.