When Form 8655 Deduction 2024

Hey everybody, welcome! This is my YouTube series on preparing Canadian personal tax returns. My name is Ian de Novo and I'm a professional accountant in Toronto. I am also the founder and instructor at Canadian Tax Academy, where I offer practical real-world training courses in personal income tax, corporate income tax, and other tax areas. If you're interested in taking some personal tax courses, you can find promotions and more information in the description section below or check out the pop-up bubbles that appear from time to time. At Canadian Tax Academy, our courses are competitively priced and offer great value. So, without further ado, let's dive into the training series. The series consists of four tutorials that will teach you how to prepare a basic Canadian T1 tax return. Let's get started! Welcome to the next tutorial in the playlist. This tutorial focuses on deductions from income. It's important to understand that deductions are different from tax credits. Deductions reduce the income to calculate the taxable income, while tax credits are applied towards federal and provincial taxes payable. In the next tutorial, we will discuss tax credits. In the Canadian income tax course at Canadian Tax Academy, we provide detailed information on how tax credits are treated differently from deductions. However, for preparing a Canadian tax return, all you need to do is enter the correct information into the tax software and the T1 return. In the previous tutorial, we entered John's income from slips, including his T4 slip from his employer and investment income slips from Tangerine and Investors Group. Now, we will focus on the deductions from income. The net income section of the tax return determines the taxable income and includes reported deductions. The tax software will automatically transfer relevant information from the slips to...