COPYRIGHT OWNED BY KNOWLEDGE BUREAU INC.
UNAUTHORIZED REPRODUCTION, IN WHOLE OR IN PART, IS PROHIBITED.
CHAPTER 2
U S I N G S O F T W A R E T O P R E PA R E T H E
RETURN
LESSON PLAN:
Chapter Using Software to Prepare the Return
Reading Time 30 minutes
Practical Time 30 minutes
Review Exercise 15 minutes
WHAT’S NEW:
January 1, 2024 –CRA Administrative Changes Take Effect.
All payments to CRA over $10,000 must be filed electronically, exception: remitters
or payors who can’t reasonably do so. $100 penalty for failure to comply.
Mandatory filing thresholds for tax preparers: mandatory electronic filing for
professional tax preparers for five corporate and personal income tax returns each year
(down from 10)
Mandatory 5 returns electronic filing threshold for trusts: again, five returns.
Mandatory 5 slip electronic filing threshold: down from 50. Penalties range from
$125 to $2500, which depends on the number of slips.
Electronic Signatures: permitted for T183 Information Return for Electronic Filing of an
Individual's Income Tax and Benefit Return, T1223 Clergy Residence Deduction and T2200 Forms
Declaration of Conditions of Employment
KEY CONCEPTS AND ISSUES – WHAT YOU WILL LEARN:
Taxpayer Identification
Source Documents
Data Entry – T-slips and Income
Claiming Deductions
Maximizing Credits
Checking for Accuracy
Audit-Proofing
2.1
COPYRIGHT OWNED BY KNOWLEDGE BUREAU INC.
UNAUTHORIZED REPRODUCTION, IN WHOLE OR IN PART, IS PROHIBITED.
NEW SKILLS TO BE MASTERED:
In this chapter, you will learn of some of the differences between manual preparation
procedures and using software to prepare tax returns.
READING GUIDE – KEY QUESTIONS TO BE ANSWERED:
What information must be provided to identify the taxpayer?
N Name [Link]
How many paper returns may be filed without penalty by a tax preparer?
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If a tax professional files the return, who receives the Notice of Assessment?
What information must be provided to identify the taxpayer’s spouse?
What are the most common source documents for income?
How is income reported when an information slip is unavailable?
What are the most common deductions available to employees?
What are the most common deductions available to investors?
What are the common source documents for deductions?
Who should claim the family’s medical expenses?
What are the common source documents for credits?
What is “audit-proofing”?
Do you claim an in-home office under the simplified or detailed method?
Who claims the charitable tax credit?
LEARNING ACTIVITIES:
Read the Knowledge Journal
Read the assigned topics in EverGreen Explanatory Notes and answer the “Try This”
questions.
Multiple-choice quiz
RESOURCES:
The Knowledge Journal;
EverGreen Explanatory Notes
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Source Documents •
Data Entry – T-slips and Income •
Claiming Deductions •
Maximizing Credits •
Checking for Accuracy •
Audit-Proo ng