Personal Tax Update for Taxprep Users

Personal Tax Update for Taxprep Users

"Long time user of Taxprep. First time attending seminar. Can't believe how useful it was!
Maureen was great. Thanks"

-Cindy Thompson CPA, CA

Staying current on tax, form, software and e-service changes is critical to the success of your personal tax season. Only Personal Taxprep seminars can provide you with all the essential information you need in a single session!

Our full day seminar will not only present the numerous tax and form changes for 2016 T1 returns, but also show you how they have been implemented in Personal Taxprep. We?ll discuss important software enhancements, review changes to CRA e-services, including the new ability to electronically file amended T1 returns, and delve into some Best Practices with respect to preparing personal returns.

Our Personal Taxprep seminar will also feature the topic "Preparing Returns for an Aging Population" which will include a discussion of relevant compliance and tax issues relating to returns for seniors, the disabled and deceased taxpayers.

Our limited group size encourages group discussion and our in-person seminar format allows you to network with other Personal Taxprep users.

Personal Taxprep Update

Federal Tax and Form Changes
We'll discuss the various federal 2016 tax and form changes, including the following:

• Important changes to reporting a sale of a Principal Residence
• New Eligible Educator School Supply Tax Credit
• New Home Accessibility Tax Credit
• Benefit calculation for new Canada Child Benefit
• Reduction of the Children's Fitness Tax Credit
• Revised Tax Rates
• Enhanced tax credit for Donations and Gifts

Provincial Tax and Form Changes
We will review the changes to tax rates and tax credits relevant to your province.  For clients that prepare returns for taxpayers in other provinces or that have income from multiple jurisdictions, our comprehensive seminar guide will include details on the changes made in all provinces.

Taxprep Enhancements
This year's version of Personal Taxprep includes a number of enhancements made in response to client requests, including new features related to attached schedules, customized cells and PDF printing. We'll explore each of these changes and provide examples of how these enhancements can benefit your practice.

CRA E-Services

AutoFill My Return
The ability to download virtually all T-slips has been a game-changer for T1 return preparation. During the seminar, we'll look at changes being made for 2016, how to use AFR for late-field 2015 returns and we'll review best practices for dealing with the downloaded data. We'll explore new features designed to streamline the review of the downloaded data including a new form for reconciling consolidated T3 slips with the CRA data.

EFILE Restrictions Lessening
Certain Efile restrictions are being lifted for 2016. We'll recap the returns that are now subject to mandatory electronic filing.

Electronically Filing Amended Returns
New for 2016 will be the ability to electronically file an amended T1 return. Let us show you how to Efile these returns in Personal Taxprep as well as discussing the status of the T1-ADJ request.

Pre-Authorized Debit Agreements
Introduced this past summer, the new pre-authorized debit (PAD) will offer taxpayers the ability to create an agreement as part of their T1 transmission. During the seminar, we'll discuss which clients may benefit most from this new feature.

Represent a Client
The CRA is planning a number of enhancements to Represent a Client for February 2017, as well as modifications to the authorization process for businesses, effective in May 2017.  Let us bring you up to date on the changes and discuss the implications for your tax practice.

Preparing Returns for an Aging Population

With an aging population, virtually all tax practices have to deal with preparing returns for seniors, many with disabilities, and eventually final returns when the clients pass away.

During the seminar we will discuss various issues relating to these returns, including the following:

Estates
We'll recap the 2016 changes to the taxation of testamentary trusts and estates, including the latest legislation relating to spousal trusts.

Deceased Taxpayer Returns in Personal Taxprep
We'll talk about recent tax changes affecting final returns, such as changes relating to donations made in a will, as well as changes relating to early-filed final returns implemented in Personal Taxprep 2016. We?ll explore issues such as using the workchart "Income Tax Return for Deceased Persons" to select the type of return, as well as special calculations for such things as pension income splitting, net capital losses, donations, and medical expenses. We?ll also discuss legal representatives and accessing information for deceased clients.

Credits relating to Seniors and Persons with Disabilities
We'll look at the treatment of retirement home vs nursing home expenses and discuss various federal and provincial credits available to seniors and the disabled.

Seminar Extras:

• Lunch will be provided
• All participants receive our printed comprehensive Seminar Guide.
• Each participant will receive a Wolters Kluwer Canada certificate (7 hours) to track Professional Development Credits.