It’s that period of the year again. For many businesses and individuals, receipts start popping out of nowhere. People re-discover the calculator function on their phones. Reading glasses appear on those who can see just fine. Who doesn’t love tax time?
With the wealth of online tools available today, more and more Canadians are confident to fill their own personal and corporate taxes online.
In many cases, filing your personal and corporate tax return is just a matter of putting the right information in the right boxes.
For example, for personal taxes, most people who are employed will have a combination of T4 slips for employment income, T3/T5 slips for investment income, RRSP slips for contributions and a few donation and medical receipts. Put in a few child-care expenses and other kids activities receipts and you’ve covered off most of the returns out there.
So where does that leave accountants like me?
Well, it actually leaves me in a pretty good spot. Before “self-serve” tax softwares, accountants became over-worked data enterers between Jan and June every year, spending countless hours entering information. Today, i spend less time on data entry and more time adding value to my clients by offering personalized and thoughtful advice.
While your tax returns may be due in April (personal) & corporate (June), good tax planning actually happens throughout the year. Discussions such as how to withdraw funds from a business, how much to contribute to an RRSP, and what accounting system is right for your business are dynamic. As your needs change, i will be there to ensure they’re on top of the issues that relate to your situation.
Your tax return then is really the result of good tax planning throughout the year.
So are you considering doing your taxes on your own this year?
If you’ve done the proper planning, you probably can. On the other hand, if you’re looking for some extra support, get in touch with me NOW to give you a chance to add some value to your situation.
Mention this blog, and your first 60 mins consultation is free to try our services:
- Get a free business tax review and expert opinion, or
- Get an experienced professional review of your accounting system for free
We are only a call, or an email away:
Phone: (587) 999-6200
Email: l.ogbonnah@lopc-cpa.com
Facebook: https://www.facebook.com/smallbusinessaccountants/
My Website: http://www.lopc-cpa.com/
Small Business Accounting Blog 