Reference no: EM132840697

Question: You are required to prepare personal income tax returns using a tax software as part of the evaluation components for this course. The case study covers all the rules learned in this course. The facts you must use are given below.

The completed tax returns must be submitted a few weeks before the end of the course no later than the date indicated on the Course Schedule. I strongly recommend you start working on the tax returns early in the course and not wait until the case study becomes due. This is a comprehensive exercise and you should expect it will take you several days (possibly over a week) to properly complete. Also, it usually takes a few days to obtain the license to download the free tax software provided with this course (see below), so plan ahead.

The publisher of the textbook for this course has made arrangements with Intuit Canada to have a professional tax return software called "Profile" made available free of charge to students of this course. The process to download the free copy of the software requires that you register with Intuit Canada. This process is explained in detail in a separate message I posted in the Case Study forum on the Discussion Board, as well as on MyLab.

REQUIRED:
Using a tax preparation software - preferably the Profile software that is provided free of charge by Intuit Canada to students of this course - and the facts given below, complete the tax return (Form T1) for Mr. James Doode and his common-law partner, Susan Bond, for the 2020 taxation year, including all relevant schedules, forms and worksheets, e.g. Form T2125 for the calculation of business income, T776 for the rental income, etc. Ignore all GST/HST aspects. You must submit the completed tax returns for both James and Susan through the Case Study link on the Blackboard portal by attaching the file containing the data for both tax returns coupled together if you used the Profile tax software (the file should have a .20T extension if you are using the 2020 version of the software). Do not attach the program file for the Profile software (file called "profile.exe") as that file does not contain the data for the tax returns you prepared. No marks will be given for submitting the Profile program by itself.

You can use another tax software than Profile if you prefer. The purpose of this exercise is to work with a tax software - it doesn't matter which one you use. If you decide to use another software than Profile, please note that I will not be able to access the data files created by that software as I only have access to the Profile software. In that case, you must instead submit a readable copy of the entire tax returns with all relevant schedules, forms and worksheets, e.g. a pdf copy. If I cannot access the tax returns in a readable format, I cannot grade them and no marks can be given for your work.

I have posted hints on the Discussion Board in the forum called "Comprehensive Tax Return Case Study" to help you with this assignment.

Attachment:- Comprehensive Tax Return CaseStudy.rar