How much did your Accountant charge this year to prepare your Tax Return?
- Thread starter farquhar
- Start date
- Large Investment Portfolio (7 figures) with multiple T5 and T3 slips, and a RRIF
- Rental Income from one Property; which we sold last year
- Not Self Employed
I should also add I'm getting Re-Assessed for 2021; a T5 for $14K was missed; apparently CRA didn't have the T5 available for download when my Accountant started the Return; and I didn't catch the mistake because I was busy getting my Broker to fix a T5008 that it fucked up.
CRA caught the error themselves through the Matching Program.
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How much tax money did he save you? If nothing or very little, why don't you try doing your own taxes? Something like Turbotax will walk you through the whole process and offer tips, based on your financial circumstances, on how to reduce your taxes. As a test, try it for this year's tax return and see if you come up with the same result.
I'm probably better off doing the Return myself; I can't trust my Broker or my Accountant to get things right, per my post above.
If its just a T1 return, that sounds about the right amount given your other investments and the amount of time your Accountant is taking to enter them.
They do have tax software that can save you about $400+ if you want to do it yourself.
I pay over $3K each year (most of it is expensed), but I have T1, T2 and Foreign taxes to deal with.
They do have tax software that can save you about $400+ if you want to do it yourself.
I pay over $3K each year (most of it is expensed), but I have T1, T2 and Foreign taxes to deal with.
Dad ?
I use WealthsimpleTax(ex SimpleTax)
Take the amount you make "per hour" and how long it takes to do the taxes. If it ends up less than what "you make" then its worth it. Sometimes delegation so you can either be more productive or have more time off it worth it.
However if they are missing shit time for a new person. Ask people in your economic social circle for a referal.
However if they are missing shit time for a new person. Ask people in your economic social circle for a referal.
I forgot to mention he also has to prepare a T1135; but that is simply done using the information provided by my Broker.
I'm just pissed that a T5 got missed for last year and that I'm about to be Re-assessed; ultimately it's my fault for not catching the Error; but then the T5 wouldn't have been omitted if I prepared the Return myself.
Yes, @Olololo this is your father. Don't tell Mom I'm on here, ok??
The CRA account is really slow in posting the T5's. The benefit is that all the T5's are in one place when they do all get posted eventually. Otherwise, it's a bloody pain in the neck to go to each of the 10,000 financial institutions individually to see each T5.
BTW: I think the deadline for the 2022 T1 return is May 1, 2023.
Yes; April 30th is a Sunday.
As an aside, if CRA goes on an Extended Strike, anybody who is filing the Final Return for an Estate and needs a Clearance Certificate is going to get held up; Final Returns have to be sent by mail and processed manually and that work won't be done during any job action.
If all you are doing is a T1 sprinkled with some T4, T5 and/or other investments, then most tax software are your best and cheapest option. They are designed by Tax pros and developers to optimize your return. They also give you an option (more $) to talk to a tax rep.
Similar portfolio to you - I do it by Turbo Tax - less than $100
I have a company and file T2 etc. also - do it myself $70
I probably spend about 5 or 6 hours over the course of the year book keeping and filing the taxes
I have a headache for taxes this year. I have three brokerage accounts with three banks, income from doing Instacart, along with contributions to the home buying program from the RRSP.
Downloading all the T3, T5, T50008, and figuring out how to enter the data correctly was very time consuming. I used UFile. I spent three hours today, and am halfway done, just have to enter the T5008 data. However, I trade dozens of stocks multiple times last year due to the crazy market, so it will take me a few hours.
I just hope I don't fuck things up.
Last year was worse. I was under the impression that you had to calcualate your average cost base yourself, so for each stock transaction Icalcualted how much my average cost for each stock was, and the profit/loss after each sale. It took FOREVER. Then I realized that the T5008 was all I needed. Also, when entering USD transactions, I didn't know that you had to manually convert the amount using the exchange rate on the day of the transaction, the CRA will not automatically convert the figures on the T5008
There are many other nuances you have to be careful about. It is such a pain in the ass, luckily it comes once a year.
Downloading all the T3, T5, T50008, and figuring out how to enter the data correctly was very time consuming. I used UFile. I spent three hours today, and am halfway done, just have to enter the T5008 data. However, I trade dozens of stocks multiple times last year due to the crazy market, so it will take me a few hours.
I just hope I don't fuck things up.
Last year was worse. I was under the impression that you had to calcualate your average cost base yourself, so for each stock transaction Icalcualted how much my average cost for each stock was, and the profit/loss after each sale. It took FOREVER. Then I realized that the T5008 was all I needed. Also, when entering USD transactions, I didn't know that you had to manually convert the amount using the exchange rate on the day of the transaction, the CRA will not automatically convert the figures on the T5008
There are many other nuances you have to be careful about. It is such a pain in the ass, luckily it comes once a year.
Yes and no. Unless you are diligent in keeping careful records (and who is?), it's hard to remember what you did in March 2022 in April 2023. Also, you have to basically relearn the software again because you don't do it every day or month.
I pay around $1,600. I have an investment account and a dormant business account, and he files for wifie and my daughter also.
