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CPAstore - EY's Guide to Preparing 2011 Personal Tax Returns

What's new for 2011?

Filing tips for 2011 personal tax returns

Chapter 1 – The T1 return – Getting started

Chapter 2 – Total income

Chapter 3 – Net income deductions

Chapter 4 – Taxable income

Chapter 5 – Federal non-refundable tax credits

Chapter 6 – Federal tax payable or refundable

Chapter 7 – Provincial and territorial tax

Chapter 8 – Quebec provincial income tax

Chapter 9 – Special situations and tax planning

Overview

Family tax planning

Tax-free savings accounts

Overcontributions

Tax on prohibited or non-qualified investments held by a TFSA trust

Tax on advantages

Integration with other registered savings

TFSA tips

Income and capital gains splitting

Attribution rules

Income attribution

Putting a prescribed rate loan in place

Capital gains attribution

Income splitting through a spousal RRSP

Registered education savings plans

Canada learning bond

Registered disability savings plans

Eligibility

Contributions

Tax-free rollover of amounts to an RDSP

Payments

RDSP election for beneficiaries with a shortened life expectancy

Taxation

Long-term elder care

Disability tax credit

Infirm dependant credit and caregiver credit

Attendant care or nursing home care

Full-time care

Part-time care

Retirement planning

What's new for 2011?

Registered pension plans

Individual pension plans

Deferred profit-sharing plans

Registered retirement savings plans

Timing for RRSP contributions

RRSP deduction limit

RRSP deduction limit for 2011

RRSP deduction limit for 2012 and subsequent years

Unused RRSP deduction room

Carryforward of undeducted RRSP contributions

Determination of earned income

Additional RRSP contributions

Retiring allowances

Lump-sum receipts

RRSP overcontributions

Transferring between plans

Withdrawal of funds before retirement

Maturity of an RRSP

Maturity options

Locked-in plans

Enhanced anti-avoidance rules for RRSPs and RRIFs

Financing retirement – Additional options

Retiring allowance

Retirement compensation arrangement

Estate planning

Wills

Alter-ego and joint partner trusts

Estate freezes

When to implement a freeze

When to implement a refreeze

Other planning opportunities from a freeze

Estate administration tax – Probate

Inter vivos gifts

Life insurance

Charitable planned giving

The 21-year trust rule

US tax considerations for Canadians

Substantial presence test

Closer connection test

US rental property

Sale of US real property

Claiming dependants on US tax returns

US estate tax

Single-purpose corporation for US real property

Canadians working in the United States

State taxes

Deceased persons

What's new for 2011?

Overview

Terminal-year filing requirements

Filing deadlines – Prior-year return

Filing deadlines – Terminal return

Payment deadlines

Computation of income

Business income

Periodic payments

Amounts accrued but not due on death – Subsection 70(1) amounts

Rights or things

Inclusion in terminal return

Return for rights or things

Transfer to beneficiary

Deemed disposition of property at death

Exceptions to the general deemed disposition rule

Capital property

Non-depreciable property

Depreciable property

Farming and fishing property

Eligible capital property

Partnership rights

Relieving rules

Principal residence

Capital gains exemption

Deferred income plans

Registered retirement savings plans (RRSPs)

Unmatured plans

Refund of premiums

Post-death decrease in value of RRSP

Matured plans

RRSP contributions

RRSP home buyers' plan and lifelong learning plan

Registered retirement income funds (RRIFs)

Post-death decrease in value of RRIF

Registered pension plans (RPPs)

Deferred profit-sharing plans (DPSPs)

Income from trusts

Employee stock options owned at death

Reserves in the terminal year

Capital losses in the terminal year

Computation of tax – Personal credits and deductions

Medical expenses

Charitable donations

Carryback of losses from estate's first taxation year

Shares of corporation – Special considerations

Testamentary transfers of property to a spouse, common-law partner, or spouse or common-law partner trust

Use of a spouse or common-law partner trust

Creation of a spouse or common-law partner trust

Vesting indefeasibly

Tainted spouse or common-law partner trust

Deceased's estate and beneficiaries

Income of the estate

Residence of a trust

Multiple testamentary trusts

Loss carryback – First year of estate

Clearance certificates

Potential problems in applying for the clearance certificate

Distributions in satisfaction of capital interests

Distributions in satisfaction of income interests

US estate tax

Chapter 10 – Taxation of immigrants, emigrants, and non-residents

Chapter 11 – Administration

Appendices


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