Personal Tax Planning - Other Income & Deductions

Note: This Live Virtual course is presented in collaboration with CPA Western Pronvinces. The content is applicable to all participants. If you have questions regarding this course, please contact pdregistration@cpaalberta.ca.

Note: This course was previously a part of Personal Tax – Review of Tax Planning.

Overview: 

This course provides a high-level refresher on the calculation of taxable income, focusing on key income and deduction categories that commonly affect individuals. You will gain an overview of important distinctions, such as business versus property income, and explore considerations related to rental and farming activities, shareholder transactions, and interest deductibility. The course emphasizes core concepts to support a clearer understanding of how these elements influence overall tax outcomes.

Course Content:

In this course, you will gain knowledge about the following topics:

• Income from business
  
• Business vs. property distinctions
  
• Business vs. capital gains
  
• Business/Property loss versus personal or living expenses
  
• Interest expense
  
• Restrictive covenants
  
• Shareholder transactions
  
• Rental Income
  
• Calculation of Farming/Fishing income
  
• Loan and shareholder issues
  
• Family and support payments 
  
• Income inclusions: annuities; social assistance/WCB; employment insurance; scholarships; research grants; prizes; indirect payments; transferred income rights 
  
• Deductions and credits: moving expenses; legal/pension/retiring allowance expenses; disability supports; CPP/QPP (self-employed); stock option deduction; northern residents deduction 
  
• Loss utilization: use of losses; tax planning for losses
  

NOTE: This course does not review the detailed preparation of a personal tax return.

Learning Objectives: 

Upon completing this course, you should be able to:

• Calculate taxable income and explain key drivers across common income and deduction categories.

Who Will Benefit:

• Professionals involved in personal tax who want a structured refresher on planning concepts.
  
• Practitioners supporting individuals, family trusts, and owner‑managers seeking up‑to‑date, practical guidance.