Personal Income Tax in Canada

About this course

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.

Course objectives

• provide knowledge for better communication with tax professionals
• assist in understanding personal income tax returns
• enable effective management of personal taxable income