Before creating and electronically filing tax returns, we recommend reviewing the guides below to better understand Canadian income tax rules. This will allow you to take on the right clients and assist you in growing both your tax knowledge and practice.
CRA T1 guide
Begin by reviewing the CRA Federal T1 guide here. The T1 guide covers topics including, but not limited to:
- What’s new for this tax year
- Who needs to file a return
- Due dates, penalties, and interest fees
- Gathering required documents
- Which tax package to use
- Step-by-step guide on how to complete each section of the jacket with details on the meaning and tax rules for each line
- How to send the return
- Assistance with completing a return via phone or in person
Note that federal and provincial governments have their own tax rules and may differ in the application of the same tax credit. We recommend reviewing the income tax package here for the province you live in and others if you plan on working on tax returns for residents of different provinces.
The Information for Residents of Ontario guide covers topics including, but not limited to:
- What’s new for Ontario
- Ontario credits
- Ontario Trillium benefit
CRA T2 guides
We recommend two main CRA guides for T2, the General Index of Financial Index (GIFI) and the T2 Corporation Income Tax Guide.
The T2 guide reviews similar topics as the T1 guide, including, but not limited to:
- What’s new for the tax year
- Additional details on calculation of schedules and forms
- A breakdown of different components of the T2 jacket
- Whom to reach for assistant with tax inquiries
- Key links
- Due dates
Other CRA guides
The CRA has many other guides addressing the specifics of certain tax credits and detailed outline of how to complete certain tax forms like business statements.
To learn how to complete more complex returns, it is recommended to review the guides below:
- T4040 RRSP
- T4079 T4RSP and T4RIF guide
- RC4064 Disability
- RC4065 Medical Expenses
- P113 Gifts and Income Tax (donations)
- P105 Students and Income Tax
- RC4188 What you should know about Audits
- RC4417 Taxpayer Bill of Rights
- T4055 Newcomers to Canada
- T4058 Non-Residents and Income Tax
- T4144 Electing under Section 216
- T4145 Electing Under Section 217
- T4155 Old Age Security for Return of Income Guide for Non residents
- T4011 Preparing Returns for Deceased Persons
- T4015 T5 Guide Return of Investment Income
- T4002 Self-employed, Professional, Commission, Farming and Fishing Income
- T4036 Rental Income
- T4037 Capital Gains
- T4044 Employment Expenses (T777,TL2, T2200,GST370)
- T4163 Guide for Discounters
- T4115 T5007 Guide - Return of Benefits
- T4091 T5008 Guide - Return of Securities Transactions
Many others can be found here, listed by number.