Preparing T1 Returns – Reporting income and inputting T-slips on the T1 tax return (Part 2 of 5)

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Preparing Canadian Personal T1 Returns – Reporting income and inputting T-slips on the T1 tax return (Part 2 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:

http://canadian-tax-academy.teachable.com/courses/preparing-canadian-income-tax-returns?product_id=95823&coupon_code=69_YOUTUBE_PITC&preview=logged_out

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

All income on the Canadian Personal T1 return is reported in the first part of the T1 General tax returns. A close glance and all the line items in the 100 series lines shows the breakdown of various sources of income.

Sources of income include (but are not limited to) employment income from T4 slips; pension income for seniors from various sources (i.e. OAS, CPP, RRSP, RRIF); business income; rental income; income from various investments including interest income, dividend income (eligible and ineligible dividends) which are mainly reported on T3 and T4 tax slips; capital gains and losses from the sale of properties and other assets; income from social assistance programs in Canada and the various Provinces, etc.

It is important that all income is claimed and reported on the T1 General tax return, otherwise you could find yourself in hot water with the CRA (Canada Revenue Agency). In this video, I explain the difference between income reported on slips and income that you have to self-assess and report on your T1 tax return.

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

Part 3 – Determining T1 income tax deductions and reporting on the T1 return

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
http://canadian-tax-academy.teachable.com/courses/tax-returns-for-deceased-taxpayers

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