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CAstore - 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

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

What's new for 2011?

Overview

Concepts of tax residency – Treaty tiebreaker rules

Residence status in the province of Quebec

Resident of a contracting state

Tiebreaker rules

1. Permanent home

2. Centre of vital interests

3. Habitual abode

4. Competent authorities

Treaty tiebreaker cases

Allchin v. The Queen

Bujnowski

Gaudreau

Hertel

Lingle

McFadyen

Wolf

Yoon

Individuals emigrating from Canada

Personal assets

Marketable securities

Deferral of departure tax

Sale of assets post-departure

Repatriation to Canada

RRSPs and pension assets

Stock options and deferred stock option benefits

Shares in Canadian-controlled private corporations

Determination of final tax liability

Posting security

Return to Canada

Registered education savings plans

Registered disability savings plans

Tax-free savings accounts

Canadian real property

Real property outside Canada

Canadian investment income for a non-resident of Canada

Interest income

Dividends

Income trust and mutual fund distributions

Rents and royalties

RRSP and pension income

Employment income

Employment income in the year of departure

Sourcing employment income

Moving expenses

Stock options

Reporting required in year of departure

T1 returns

Form T1161

Planning

Individuals immigrating to Canada

Personal assets

Consequences of immigration

Taxation of capital gains during Canadian residency

Reporting related to foreign investment assets

Taxation upon departure

Employment income

Other income

Relief granted to short-term residents

Relief from departure tax

Part-year residents - Calculation of tax

Planning

Calculating taxes as a part-year resident

Date an individual changes residency

Claiming non-refundable tax credits as a part-year resident

Credits where amounts must be prorated

Credits where amounts are determined on the basis of costs incurred in the resident period

Credits for EI premiums paid and CPP or QPP contributions

Pension credit

Tuition credit

Education credit

Textbook credit

Medical expense credit

Donations credit

Credit for interest on student loans

Dividend tax credit

Employment credit

Adoption expenses credit

Transit pass credit

Child fitness credit

Home renovation expenses credit (applicable for 2009 taxation year only)

First-time home buyers' tax credit

Volunteer firefighters' tax credit

Children's arts tax credit

Transferred credits

Tuition, education, or textbook credit transferred from a child or grandchild

Unused credits transferred from a spouse or common-law partner

Deductions

RRSP contributions

Sale or rental of Canadian principal residence

Impact on principal residence exemption

Selling as a non-resident

Certificate process

Required reporting

Rental of principal residence

Change in use to rental property

Making a 45(2) election as a non-resident

Taxation of rental income

Section 216 – Deductions

Section 216 – Losses

Federal surtax and provincial tax

Sale of property – Recapture

Implications on repatriation to Canada

Non-residents working in Canada

Determination of employment income taxable in Canada

Reporting

Deductions

Calculation of federal tax and non-refundable tax credits

Provincial income tax

Special rules for actors

Section 216.1 election

Election under section 217 for Canadian benefits

Advantage of filing under section 217

Due dates

Withholding

Completing the section 217 T1 return

Deductions

Calculation of taxes payable

Calculation of taxable income earned in Canada (TIEC)

Federal tax credits

Special credit

Federal surtax and provincial tax

Tax treaties

Resident of a contracting state

Tiebreaker rules

Business profits

Employment income

Independent personal services

Artists and athletes

Pensions and annuities

Capital gains

Dividends and interest

Other income

Students

Elimination of double tax

Annotations

Chapter 11 – Administration

Appendices


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