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TAX RETURN PROCESS

Transcript: WHY SHOULD STUDENTS FILE?? tuition, education, and textbook amounts AVOIDING PENALTIES & INTEREST apply provincial or national credit want to claim a refund child care deduction •Old age security (OAS) •Employment insurance (EI) benefits •Canada child tax benefit (CCTB) •Working income tax benefit (WITB) •Universal child care benefit (UCCB) students must file their returns on or before April 30th of the following year Some of the common types of income a student may receive are: why is filing taxes important who needs to file a return why should students file tax refund GST/HST credit tax deductions claiming non-refundable tax credits sources of income common slips students need preparation for filing dates & filing options avoiding penalties & interest Canada employment amount, public transit amount Claiming non-refundable tax credits T4 T4A T5007 T4E T5 T2202A TD1 TAX REFUND & HST/GST CREDIT TAX DEDUCTIONS if CRA asks on your own or authorize a representative The most common slips may received by students include: Canada’s tax system pays for benefits such as... •employment income •tips, gratuities & occasional earnings •investment income •Scholarships •fellowships •bursaries •study grants •artists' project grants •research grants •registered education savings plan payments (RESP) WHAT SHOULD STUDENTS KNOW ABOUT FILING TAXES FILING OPTIONS WHO NEEDS TO FILE TAXES AREAS OF DISCUSSION WHY ARE TAXES IMPORTANT & WHERE DOES TAX MONEY GO? moving expenses employment insurance benefits exceed amount of personal exemption interest paid on your student loan DATE self-employed

Tax Return Process

Transcript: 1. Receive PBC Docs and Control Sheet from reviewer 2. Review return in engagement, if needed send back to preparer to make changes 3. Sign off on return in engagement as second reviewer 4. *Optional* - Sign return (PDF) electronically in engagement with signature stamp 5. Put PBC Documents and Control Sheet onto processing shelf 6. *Optional* - Send Client return electronically - no need for processing Interview Sign In Return Tax Return Process Scan PBC Documents 1. Put PBC Documents into clear folder with control sheet 2. Assign docket number and assign to preparer 3. Pass File to Intern for scanning Preparation Partner Review/Sign The New System To the Client The Current System 1. Release return from ELF 2. Print confirmation once accepted 3. Scan into Engagement binder 4. Finalize Engagement Binder 1. Interview 2. Sign-In 3. Prepare/Copy PBC Documents 4. Review 5. Process 6. Upload and Processing Check 7. Partner Review/Sign 8. Back Scan 9. Receive 8879 from client 1. Print tax return from engagement and put return into appropriate black folder 2. Take processed tax return to partner to be checked and signed 3. Put tax return and PBC documents into the mail or at receptionist for client pick up 4. Scan Control Sheet into engagement and shred 5. Put empty clear folder back for re-use 1. Review return for accuracy 2. Send return back to preparer with review notes for changes 3. After received back with changes from preparer, clear review notes 4. Sign off on all WP's that were used to review the return 5. Bring folder with PBC documents and Control Sheet to signing partner First Review Receive 8879 from Client Processing The Process in Detail 1. Make copies of any odd sized papers (Half sheets & Legal Sized) 2. Organize PBC Docs based on lead sheet, and put bar code tabs in between sections i. If it can not be determined where the information goes in the workpapers put in the Unfiled Docs section ii. Check for engagement letter to be scanned in, compile list to give to admin for second request 3. Scan documents into Scan software 4. Page count to ensure all PBC Documents were scanned. 5. Once PDFs are separated drop workpapers into the appropriate engagement binder 6. Bring PBC Documents and Control Sheet to preparer 1. Interview 2. Sign-In 3. Scan in PBC docs to Engagement 4. Return Prep 5. Review 6. Partner Review/Sign 7. Process 8. Receive 8879 from Client 1. Check scanned documents in engagement for clarity 2. Ensure that all PBC documents are scanned in 3. Rename PDFs for proper description, and move PDF’s to proper tabs in the binder 4. Insert page numbers on each PDF to simplify review 5. Highlight, write notes, tick and tie in the PDF 6. Prepare return 7. When done lock return and upload to ELF before printing the return to engagement 8. Separate out tax return, extension, 8879, and attachments into Filed Return Tab into engagement 9. Submit return for review i. For first review print paper return for review 10. Check engagement box in Practice Management if Engagement Letter has been received 1. Receive PBC Documents from client and any other necessary information for return 2. Look over documents and assign budget for the project 3. Write special instructions on Control Sheet

Cover Letter Template

Transcript: Cover Letter Template Let the reader know if you have attached any additional documents. Paragraph 1 Continued Employer Contact Information Use the template to help you compose your letter. Delete the guide text in [brackets] as you go. Save, print, sign, and turn in your letter. Keep a digital copy by emailing the letter to yourself, or uploading it to your Aeries "backpack." Go to https://sites.google.com/site/lohsadame Click on English 10 > Cover Letter Download the template at the bottom Using the Template Download the Template It would be a pleasure to discuss my __________ experience with you in person. Fill in the date- Write out month, date, and year. (March 2, 2018) Example (Paragraph 2, Sentence 1): Paragraph 3 I have attached my résumé for your consideration. This might include experience, special qualifications (such as certifications) interests, and/or hobbies. State why you are writing. I am writing in response to your advertisement posted online for a [job title]. This is an opportunity to explain in more detail relevant skills or experience in your résumé. Include a sentence that tells your reader how to get in touch with you (i.e., your phone number and email). Thank the employer for her/his consideration. Please contact me at 925-123-4567 at your earliest convenience so that we can arrange an interview. Thank you for your consideration. Tell why you are interested in working for this employer and reasons for desiring this type of work. When I first heard you were hiring a [job title], I was excited about the opportunity to work with you and your team. Example (Paragraph 3, Sentence 2-3): Paragraph 3 Indicate that you would like the opportunity to interview for a position or to talk with the employer to learn more about their opportunities or hiring plans. Example (Paragraph 3, Sentence 1) Example (Paragraph 1, Sentence 2): Image by Tom Mooring Make sure to focus on what you can do for the employer, not what the employer can do for you. Do your best to find out the name of the manager or person responsible for hiring. You may leave the brackets and guide text for this assignment. Paragraph 2 Paragraph 2 Paragraph 1 Customer Service Associate, Cashier, Administrative Assistant, Sales Associate, Hostess, Server, Automotive Technician, Entry-Level Technician, Entry Level Construction Crew Member, Construction Worker, Laborer, Painter, Roofer, Lifeguard, Grocery Clerk, Supermarket Clerk, Retail Shelf Stocker, Bag Clerk, Stocker Example- At the top, fill in your information. 1708 F Street Antioch, CA 94509 Contact Information Example (Paragraph 2, Sentence 2): Mention specific qualifications which make you a good fit for the employer’s needs. Paragraph 2 Example (Paragraph 1, Sentence 1): Common Job Titles/Positions My deep love of ________and knowledge of ___________ is a perfect fit for your company. Finished? My customer service experience includes working annually at a church fund raiser every December. My work experience in retail sales will be a great benefit to your company.

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