CCH iFirm Annual Tax Update T1, T2, T3 and Forms – AC Recorded Webinar

Staying current on tax, form, software and e-service changes is critical to the success of a tax practice. This new virtual seminar is designed specifically for CCH iFirm Taxprep users to provide you with all the essential information you need in this webinar.  

In this webinar, we will present the tax and form changes for 2024 returns for all four CCH iFirm Taxprep modules: T1, T2, T3 and Forms, as well as recent enhancements to CCH iFirm Taxprep functionality.

We will also review implemented and proposed changes to legislation, review the latest CRA e-services, and provide some tips for getting the most out of the many CCH iFirm Taxprep productivity features.

Note that this webinar is designed for firms that use the cloud-based CCH iFirm tax program. A separate webinar is offered for firms that use the on-premises Personal Taxprep program. 

TOPICS:
Tax Changes – All Modules
We will discuss some enacted and proposed legislation, including: 

• Mandatory Efile, electronic filing of information returns, and electronic payments
• Capital gains inclusion rate changes and transitional rules
• Short-term rental limitations
• Immediate Expensing and Accelerated Capital Cost Allowance
• Updates to Clean Energy Investment Tax Credits

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

• Revised Schedule 3 for Capital Dispositions
• CPP 2nd additional earnings limit and contribution requirements 
• Modifications to Schedule 15 for the FHSA
• Increase in the Home Buyer’s Plan withdrawal limit
• Changes to the Alternative Minimum Tax

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

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:

• Revised Schedule 6 and impact on the Capital Dividend Account
• New forms for the Clean Energy Tax Credits
• Canada Carbon Rebate for Small Businesses including payment amounts and the tax treatment of the rebate

T3 Tax and Form Changes
We’ll discuss changes to the T3 return and filing requirements including: 

• Revised Schedule 1 for capital dispositions 
• CRA Guidance on bare trust filings for 2024
• Changes to the T3 slip for capital gains allocations
• Changes to Alternative Minimum Tax for Trusts for 2024
• New T1135 transmission

Forms Module Tax and Form Changes
We will review changes that impact the Forms module, including 

• Revised T5013 SCH 6 for capital dispositions
• Changes to the T5 and T5013 slips for capital gains allocations
• Changes to Internet File Transfer for T-slips and the T5013 return
• New forms for partnerships allocating the clean energy investment tax credits
• Update to the filing requirements for the Underused Housing Tax return (UHT2900)

CCH iFirm Taxprep Enhancements
We will explore recent CCH iFirm Taxprep enhancements, including the new ability to import slips from T3 and Forms into T1, the ability to transmit multiple T3 returns at the same time and the ability to bundle slips from multiple clients into a single transmission file. 

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

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

LEARNING OBJECTIVES:

• Understand the latest changes to tax legislation including draft legislative proposals
• Learn what form changes will impact your federal and provincial tax returns for this year
• Become acquainted with 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.

TARGET AUDIENCE:
This webinar will be of interest to accountants and tax practitioners who use the CCH iFirm Tax software environment and are looking to get updated on personal, corporate and trust taxation, as they prepare for the upcoming income tax seasons.  

THIS WEBINAR INCLUDES:

• PDF version of the presentation slides 

PRESENTERS: Maureen Vance, CPA, CA & Sue Deakin, CPA, CA, MAcc

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.

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.