How does my CPA file my Taxes? Let's try Tax Cycle [3 of 3]

As educators, we focus alot on the underlying technical foundation of key tax concepts required to pursue the CPA designation. With that said, I often get requests from students eager/curious about the available tax software. Same numbers, same results but FASTER. If at all curious, let's revisit our Sample "Person J" Taxable Income of $543,430. What will they owe? Please check out Part 1 (Manual Calculations) for the BASICS Highlights: 00:01 Overview + Recap to Part 1 02:08 Sample PERSON J • Person J lives in beautiful British Columbia, Canada • Person J was born January 1, 1981 • Person J is single • Person J is a Canadian Resident with a SIN # 000-000-000 • Person J earns employment income (see T4) of $248,800 • Person J also has side hustle earning self-employment business income. She keeps track of all revenues and expenses. Business Net Income (for tax purposes) amounted to $106,028. You will populate the T2125. • Person J likes to invest and has earned an additional: $45,123 eligible dividends from her shares of RBC (see T5). This is not held in a TFSA or RRSP. $230,732 capital gains from disposition of her shares in Shopify. This was not held in a TFSA or RRSP. $12,040 in rental income from her vacation home in Predator's Ridge, Vernon BC . You will populate the T776. • Person J has a 12 year old child who will eligible for the disability tax credit. Person J’s child earned some interest income ($1200) from a high yield savings account. 02:59 Let's try Tax Cycle! 03:25 DATA ENTER, DATA ENTER, DATA ENTER 11:42 The MOMENT of TRUTH .. Is the Math, Mathing? 19:22 Taxpayer's Responsibilities = File your Taxes!