CCH IFIRM TAXPREP T1 UPDATE - AC REC WEBINAR

This CCH iFirm Taxprep T1 Update will review the various tax and form changes for 2023 T1 returns and discuss how these changes have been implemented in CCH iFirm. We will also explore the numerous enhancements being made to CCH iFirm Taxprep for this upcoming tax season along with tips for getting the most out of the many CCH iFirm productivity features. We will review draft legislation relevant to T1 returns and discuss the latest CRA e-services.

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

TOPICS:

• Status of Legislation
• We will review recently enacted legislation as well as proposed legislation and how it will affect you, including the following: 
• Mandatory Efile, electronic filing of information returns, and electronic payments
• Proposed changes to Alternative Minimum Tax
• Changes to RESP plans
• Proposed changes to UHT
   

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 discuss various provincial tax and form changes that will impact 2023 T1 tax returns.  We will also preview some upcoming changes for 2024. 

iFirm Taxprep Enhancements

We will explore recent iFirm Taxprep enhancements, including iFirm Tracking, new customized return labels, Track changes feature, ability to customize form colours and improved AFR reconciliation features. 

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
   

LEARNING OBJECTIVES:

• 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
• Get comfortable with the new features being introduced in iFirm Taxprep
• Learn how to navigate the changes to CRA services
• Discover upcoming tax issues that you may want to discuss with your clients
   

TARGET AUDIENCE:

This webinar will be of interest to accountants and tax practitioners who use iFirm Taxprep T1 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 WEBINAR INCLUDES:

• Print version of the presentation slides
• PD Certificate for 7 hours 

PRESENTER:

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.