Personal Tax Training | T1 Training

T1 Training | Personal Tax Training

It is important to understand the significance of proper and thorough learning as well as getting hands on T1 training. If a mentor wants to explain the major topics of T1 like various types of incomes, deductions, types of refundable and non-refundable tax credits, tax calculation methodology, Split Income, Tax calculation on new immigrants returns etc. it might take few hours ranging from 2 to 3 hours…. so you can understand how much time it would take to get the real thorough knowledge and hands on experience for the same.

Understanding the importance of personal tax training for a student or learner, we have designed and modeled our training program in such a way so that anyone getting this training can get the in-depth knowledge of personal tax as well as hands on training experience without even having any accounting background.

Our T1 Training Program Strength:

At AccountTax Pros, we have designed our personal tax training course, with a combination of explaining the significant topics by way of PowerPoint presentation and hands on training in preparation / filling the details in the t1 personal income tax return.

The Hands on Training starts with a simple case study of Employed (having T4 income) Income Tax filers followed by complex case models covering Rental Income, Self Employed Income, Investment income, Capital Cost Allowance (CCA), Senior Citizen Tax Return and Split income.

One to One Training: Our one to one training coupled with the option of in-person or online training model help us in focusing on our student / trainee to maximize and strengthen their knowledge and make help them to become a skillful and professional T1 Tax Return Filer.

Personal Tax Training & Course Content:

• Understanding T1:- Understanding the T1 (Personal Tax Return) including deep dive into various concept of Income [like Total Income, Net Income and Taxable Income and their application in the T1 Tax Return], Refundable and Non Refundable Tax Credits, Tax Calculations under Federal Tax and Provincial Tax
• Simple Case Study 1:- Hands on Training with the help of Simple Case Study covering T4 Income, Deductions, Tax Credits (Refundable as well Non Refundable Tax Credits), Taxes on the income under Federal and Provincial Tax Return Forms.
• During the first case study you will learn the deductions from the total income, various tax credits reducing the tax liability of the individuals.
• The explanation of significant topics like medical expenses, moving expenses, Enhanced CPP deduction and Basic CPP tax Credits, EI Tax Credits with the help of PowerPoint presentation, side by side hands on training model is the best practical way of learning, which has been implemented in our course for deeper understanding and training.   

• Moderate Case Study 2:- Hands on Training with the help of Moderate Case Study on Senior Citizen covering Pension Income, Rental Income, Split Income, Rental Expenses deductions, Age Amount Credits, Medical Expense and Donations etc.
• Complex Case Study 3:- Hands on personal tax training with the help of Complex Case Study covering Self employment Income, Business Income, Self Employment Expenses deductions, Business Expense Deduction, Child Care Expenses, RRSP contributions etc.

Significant Topics - Coverage, explanations and how to fill the relevant Forms during T1 training

1. Total Income
2. Net Income
3. Taxable Income
4. Business Income (form T2125) including CCA on Capital Assets
5. Capital Gain (Schedule 3)
6. Rental Income (form T776)
7. Interest and Dividend Income
8. Self Employment Expenses (Form T777)
9. Moving Expenses (Form T1-M)
10. Child Care Expenses (with the help of Form T778)
11. Spilt Income Deduction (with the help of Form T1032)
12. Donations (Schedule 9)
13. RRSP Deduction (Schedule 7)
14. Declaration of condition of Employment (Form 2200)
15. Use of T4, T3, T4A, T5 forms
16. Non Refundable / Refundable Tax Credits
    • Basic Personal Tax Credit
    • Age amount
    • Spouse or Common Law Partner amount (How to fill Schedule 5)
    • Canada Employment Amount
    • Canada Worker benefit
    • Home Buyers Amount
    • Home Accessibility Expenses
    • Tuition Fee
    • Medical Expense
    • Others

T1 Training Course for Non-Accounting background Students / Learners:

Our T1 training course is so designed that a non accounting background student / learner can understand, learn and can get trained in the preparing and filing the T1 without any difficulties.