Complete all the relevant tax forms and schedules

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Reference no: EM132268343

Individual Tax Term Assignment

1. Fully complete all the relevant tax forms and schedules. Read the General Income Tax and Benefit Guide 2018 for each line number you use, and apply the information you find.

Do additional research using CRA guides and forms where necessary. Make the CRA website your primary source of information.

Completing the tax forms shows that you are able to relate the verbal information to the forms, and apply all relevant rules to the situation by researching the information as necessary.

2. Check your work using the Detailed Tax Calculator to calculate taxes owing.

Note: Taxtips detailed tax calculator is not tax preparation software, and will require you to be knowledgeable about the items you input. For example, Tax tips calls for "capital gains" and automatically applies the 50% inclusion rate. The T1 General asks for "taxable capital gains" which you calculate on schedule 3. Similarly, Taxtips calls for "dividends" (eligible or other than eligible) and automatically grosses up to the taxable amount. The T1 general asks for "taxable dividends", i.e. the grossed up amount, which you calculate. Also, some line items do not appear in Tax tips, and you must work around these items by including them in categories where they will have the same impact.

Reconcile your manual answers with the Taxtips result. It should match perfectly right down to the refund/balance payable amount. if they do not agree, study them and find the source of your error. Start by looking at total income. Then taxable income, Federal tax credits, Federal tax, etc. As you find discrepancies, correct your errors until the cases are reconciled.

Reconciling your work shows that you are able to logically find an error by comparing two forms, and use your knowledge of the income tax process to determine the error and correct it.

3. Write a professional summary letter to the client. You must use a business letter format including addresses, date, salutation, introduction, body, summary and closing with signature.

This letter does not have to be long (usually less than one page). Be brief, but summarize the tax situation for the year in a way that is relevant to the client.

Attachment:- Data.rar

Reference no: EM132268343

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