Fill Form 2350 Refunds 2023-2024

Hey everybody, welcome! This is my YouTube series on preparing Canadian personal tax returns. My name is Ian De Novo, a professional accountant in Toronto and the founder and instructor at Canadian Tax Academy. At CanadianTaxAcademy.com, I offer practical real-world training courses in personal income tax, corporate income tax, and various other tax areas. If you're interested in taking personal tax courses, check out the promotions in the description section or the pop-up bubbles that appear. You can take courses at CanadianTaxAcademy.com for a reasonable price, which is highly competitive compared to other options in the world of Canadian tax. Now, let's dive into the training series. This series of four tutorials will teach you how to prepare a basic Canadian T1 tax return. Welcome back, everyone! This is part two of the tax preparation playlist on YouTube. In this tutorial, we'll focus on the income side of the tax return for yourself or your clients. The income side is crucial as it is where you record all your income from various sources, including employment income, investment income, retirement income, rental income, and self-employment income. I want to clarify the distinction between self-reported income and income reported to the Canada Revenue Agency (CRA). Institutions, where you work or have investments, government agencies, etc., issue T-slips at the beginning of each year. If you've been filing your taxes for years, you must've submitted these slips to your accountant or tax preparer. For the ones reported to CRA, you simply enter the information from the T-slips into the tax software. However, there are things not reported to CRA, such as business income and rental income. To keep this tutorial concise, we won't cover those topics extensively. You can find detailed guidance in the introductory personal tax course at the Canadian Tax Academy. Keep...