Taxprep Personal Tax Update
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 2019 T1 returns, but also show you how they have been implemented in Personal Taxprep. We’ll discuss important software enhancements, changes to CRA e-services and delve into some Best Practices with respect to preparing personal returns.
This seminar will be presented using the new enhanced version of Taxprep which will replace “Classic” Taxprep this tax season. While the enhanced version uses the same forms and calculations as the current version of Taxprep, it has a modernized interface and new features designed to improve productivity.
Federal Tax and Form Changes
We discuss the various federal 2019 tax and form changes, including the following:
- Revamped T1 return for 2019 (including revised line numbering and incorporation of Schedule 1 into the T1 jacket)
- CCA changes including Accelerated Investment Incentive and zero-emissions vehicles
- Enhanced Canada Pension Plan implications
- Canada Training Credit
- Changes to the Home Buyer’s Plan
- New Canada Workers Benefit
- Changes to the elections relating to principal residences
- Updated T183 for EFILE Authorization
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.
Note that as there may be significantly more provincial changes to discuss in some locations rather than others, the length of time devoted to certain featured topics listed below may be adjusted accordingly.
CRA is making significant changes to their process for authorizing representatives beginning February 2020. We’ll review the changes, the relevant modifications in Taxprep, as well as discussing Best Practices with respect to managing your authorizations.
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 2019, including an enhanced reconciliation for T3 slips as well as the ability to download tuition slips. And we’ll review best practices for dealing with the downloaded data.
During the seminar, we’ll also discuss some changes that will come into effect in 2020, such as changes to the employee stock option deduction and the new digital subscription tax credit.
- Each participant will receive a Wolters Kluwer Canada certificate (7 hours) to track Professional Development Credits.