Preparing T1 Returns – Determining T1tax deductions & reporting on the T1 return (Part 3 of 5)

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Preparing Canadian Personal T1 Returns – Determining Personal Tax Deductions and Reporting on the T1 Return (Part 3 of 5)

NEW WEBSITE LAUNCH & SUMMER 2016 PROMOTION – ONLY $69 CDN (ALL TAXES INCLUDED) AT CANADIAN TAX ACADEMY.
Take the fully updated Canadian Personal Tax Course for only $69 CDN (including GST/HST). That is a savings of $228 off the regular price. Just click on this link:

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COMPLETELY UPDATED FOR 2015 T1 TAX RETURNS (THE 2016 TAX PREPARATION SEASON).

Once income has been determined, the next important step in the T1 preparation process is to determine the deductions from income that can be claimed. In general, there are not very many deductions from income, especially if you have employment and pension income.

The common deductions found in the deduction section of the T1 General return are: Registered Retirement Savings Plan (RRSP) deductions; Registered Pension Plan (RPP) deductions if you are an employee and contribute to a pension plan at work; moving expenses, child care expenses (form T778), employment expenses for those who meet the criteria (Form T2200 and the T777 Statement of Employment Expenses), Allowable Business Investment Losses (ABILs); capital gains deductions, deductions for spousal support paid, etc.

It is important to distinguish between a tax deduction and a tax credit. Tax credits are not claimed in the second section of the T1 general return. Those are the subject of the next training video in this series and can be found on Schedule 1 – Fedeeral Tax of the T1 return.

The following are the other videos in this YouTube training series on Preparing T1 Personal Tax Returns

Part 1 – Inputting Proper Personal Information (Part 1 of 5)
https://youtu.be/o2NwudCiuuQ

Part 2 – Reporting income and inputting T-slips on the T1 tax return
https://youtu.be/x2N9D-jwnvA

Part 4 – Claiming personal tax credits on Schedule 1 and the T1 General Return

Part 5 – Doing a final review and reasonability test of your T1 tax return

You can check out my other YouTube tax videos here along with a detailed outline of the Canadian tax Academy Preparing Personal Tax Returns – Introductory course.

Course Outline – A detailed breakdown of my Introductory Personal Tax Course
https://www.youtube.com/watch?v=KmLF2WyesxQ

Canadian Personal Tax Returns – The 7 Deadly Sins
https://www.youtube.com/watch?v=G0TdxF5DiCE

Common Tax Filing Errors
https://www.youtube.com/watch?v=zVHHl0FSNKg

Starting Your Own Tax Preparation Business
https://www.youtube.com/watch?v=YEd2oNalBMs

Below is a link to the school, along with links to the online tax courses that are currently available. You can also enroll on the site for general information and to be put on the mailing list for future course releases.

Canadian Tax Academy – Home
http://www.canadiantaxacademy.com

Preparing Canadian Income Tax Returns – Introductory course only $69
http://canadian-tax-academy.teachable.com/courses/preparing-canadian-income-tax-returns?product_id=95823&coupon_code=69_YOUTUBE_PITC&preview=logged_out

Preparing Tax Returns Start to Finish – Best Practices – only $89
http://canadian-tax-academy.teachable.com/courses/preparing-tax-returns-start-to-finish-best-practices

Tax Returns for Deceased Taxpayers – Only $149 (specialized areas of tax)
http://canadian-tax-academy.teachable.com/courses/tax-returns-for-deceased-taxpayers

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