Heralding the arrival of the tax season, the Line-by-Line Guide to Preparing the 2005 Personal Tax Return was released today by Ernst & Young LLP.

The comprehensive guide takes tax professionals through each line of the T1 tax return — with commentary and annotations from Ernst & Young’s team of tax advisors integrated with official CRA guidance and all relevant bulletins, circulars, forms and guides.

“Tax professionals completing their clients’ personal tax returns are regularly inundated with dozens of separate pieces of information from the CRA,” says Gena Katz, CA, Tax executive director at Ernst & Young. “The 2005 Line-by-Line Guide conveniently fuses insightful commentary from our own professionals with all of the CRA resources between two covers. The logical line-by-line set-up of the guide is convenient and straightforward. We consider it an invaluable tool for personal-tax practitioners,” she says.

Finding tax compliance information is made easy by the guide’s reference tools, which include examples and an overview of applicable rules to 2005 personal taxes.

The guide includes annotations to each line of the T1 return, and provides a cross-reference “knowledge map” to related administrative materials, selected case law and statutory references.

The guide is available in both book and searchable Internet versions. A bonus reference CD containing all source guides and materials referenced in the 2005 guide is now included with the book. The online guide is also available in French and offers hypertext links to more than 50,000 underlying cross-referenced documents and resources, and complements any tax preparation software.

The guide is available by contacting The Canadian Institute of Chartered Accountants at1-800-268-3793 or www.knotia.ca/store/2005-EYT1.