Staying current on tax, form, software and e-service changes is critical to the success of a tax practice. This T1 tax update is designed specifically for Personal Taxprep users to provide you with all the essential information you need in this comprehensive virtual seminar.
This Personal Taxprep Update will review the various tax and form changes for 2022 T1 returns and demonstrate how these changes have been implemented in Personal Taxprep. We will examine draft legislation relevant to T1 returns and discuss the latest CRA e-services. We will also answer some intriguing tax questions along the way. And of course, we will share our tips for getting the most out of your Personal Taxprep software.
The webinar will be presented by our experienced tax seminar team.
To help you get the most out of the virtual seminar, you will be sent the slide deck in advance of the virtual seminar, and you’ll also be able to download a Personal Taxprep Resource Guide in addition to the slide deck that you can refer to after the virtual seminar.
Status of Legislation
We will review recently enacted legislation as well as proposed legislation and how it will affect you, including the following:
· “Anti-flipping” rules for real estate contained in Bill C-32
· A detailed look at the First Home Savings Account (FHSA) which will come into effect on April 1, 2023
· Proposed legislation on electronic filing, delivery of notices and electronic payments
· Stage 2 of the enhanced CPP starting in 2024
Federal T1 Tax and Form Changes
We will examine various 2022 tax and form changes for the T1, including the following:
· Immediate expensing rules for self-employed individuals
· New procedures for claiming a deduction for a COVID benefit repayment
· 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
· Home Office Expenses for 2022
· Revised eligibility for the Disability Tax Credit
· New critical mineral exploration tax credit
We will discuss various provincial tax and form changes that will impact 2022 T1 tax returns. We will also preview some upcoming changes for 2023.
We’ll explore a selection of intriguing tax questions gathered from client inquiries, past webinars and online forums and review the relevant CRA guidance and interpretations.
We will review recent changes to CRA services, including:
· Process for confirming a representative
· Increased security for Represent a Client (RAC)
· Changes to the CRA portals
· Understand the latest changes to tax legislation including draft legislative proposals
· Learn what tax and form changes will affect your T1 tax returns for this year
· Learn how to navigate the changes to CRA services
· Discover upcoming tax issues that you may want to discuss with your clients
This webinar will be of interest to accountants and tax practitioners who use Personal Taxprep and want to get updated on personal taxation as they get ready 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:
Print version of the presentation slides and resource guide
PD Certificate for7 hours
This webinar is being presented by: 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.
|Subject Area||Tax Compliance|