Personal Income Tax In Canada
Tags: Tax Preparation
Good Stuff to Know
Last updated 2022-01-10 | 4.8
- save money when you file your personal tax return- ask the right questions of your financial advisor
What you'll learn
* Requirements
* All materials are included and no prior knowledge is neccessary to complete the course* You should have a program capable of opening PowerPoint Presentations
* You should have a program installed on your computer that can open PDF files
Description
If you would like to know more about the Canadian income tax system this is the course for you. You will learn about deducting expenses, claiming income and the receipts that you need. There are a few tips – to help you save when you file your personal return. This information is not intended to replace the professional advice that your accountant will provide – merely to give you the knowledge you need to ask the right questions.
What is Covered in Each Lecture?
Tax System – When are your personal tax returns due? What receipts should you have and how long should you keep them?
Types of Taxable Income – Employment, pension, rental and investment income is discussed.
Employment Income - Learn about tips, T4’s, and the type of expenses that can be claimed if you get a T2200 from your employer.
Investment Income – This lecture covers interest, dividends and capital gains.
Pension Income – This lecture is about OAS, CPP and considerations about when you should apply for them. Also a discussion of RRSP and RRIF’s.
Rental Income – The forms you need to fill out if you are renting part of your house or another property. Discussion around the taxation of the sale of a cottage.
Medical Expenses – Medical expenses are subject to a limitation based on your income. Discussion of strategy to maximize the medical expense credit.
Other Credits – This lecture is about claiming dependants, a discussion about common law status, claiming tuition credits and the fitness and arts credit.
Moving Expenses – When can you claim moving expenses? A discussion on receipts and carrying forward expenses.
Tips – How to claim medical expenses and charitable donations in a family? Benefits of pension splitting and transferring tuition.
Who this course is for:
- This course is for individuals who would like to know more about the Canadian income tax system
Course content
3 sections • 12 lectures
Introduction Preview 01:47
What is covered in this course? Sources of income, types of deductions and tips for saving money on personal income tax returns.
Tax System Preview 05:48
Tax System – When are your personal tax returns due? What receipts should you have and how long should you keep them?
Types of Taxable Income Preview 03:02
Types of Taxable Income – Employment, pension, rental and investment income is discussed.
Employment Income Preview 05:41
Employment Income - Learn about tips, T4’s, and the type of expenses that can be claimed if you get a T2200 from your employer.
Investment Income Preview 05:14
Investment Income – This lecture covers interest, dividends and capital gains.
Pension Income Preview 04:03
Pension Income – This lecture is about OAS, CPP and considerations about when you should apply for them. Also a discussion of RRSP and RRIF’s.
Rental Income Preview 05:53
Rental Income – The forms you need to fill out if you are renting part of your house or another property. Discussion around the taxation of the sale of a cottage.
Medical Expenses Preview 05:03
Medical Expenses – Medical expenses are subject to a limitation based on your income. Discussion of strategy to maximize the medical expense credit.
Other Credits Preview 03:53
Other Credits – This lecture is about claiming dependants, a discussion about common law status, claiming tuition credits and the fitness and arts credit.
Moving Expenses Preview 03:59
Moving Expenses – When can you claim moving expenses? A discussion on receipts and carrying forward expenses.
Tips for Filing Preview 03:32
Tips – How to claim medical expenses and charitable donations in a family? Benefits of pension splitting and transferring tuition.