At $50 an hour. that's over 32 hours. Seems excessive.I pay around $1,600. I have an investment account and a dormant business account, and he files for wifie and my daughter also.
At $50 an hour. that's over 32 hours. Seems excessive.I pay around $1,600. I have an investment account and a dormant business account, and he files for wifie and my daughter also.
As someone who works for CRA, most accountants are a scam. So many of them purport to know how the agency operates & the majority of them are dead wrong. And yes, if they're preparing a T2, they charge even more outrageously, with the rationale that it's a corporation, so they can afford it, even though said corporation might just be a 1 man operation who incorporated to limit their personal liability. Had a guy like that tell me he was quoted $1500-2000 per T2 return, which is ridiculous.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.
I have used Turbo Tax for years. Saves me a lot of accountant fees. All forms are available. It is time consuming to enter data. Never had any issues regarding an audit etc.I always wanted to do the taxes myself for years using those TurboTax programs - is it really worth the effort - and do they have all the options to get the most return.
Like people don’t have enough on their plate, they have to deal with bullshit because of a strike.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.
That's a big miss. You accountant should have run a comparative summary, probably would have caught it.If I have to pay $550 for this, I wonder what he charges for a T2 Return.
- 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.
You're getting robbed danI pay around $1,600. I have an investment account and a dormant business account, and he files for wifie and my daughter also.
So not true. Human accountants, lawyers, doctors etc. will always be needed. AI will definitely be leveraged to assist but it won't replace.Accountants will be replaced by AI one day. Even today the T50008,T3 and T5 should easily be automatically entered.
I don't think the Accountant would have caught the Error with the Comparative Summary.That's a big miss. You accountant should have run a comparative summary, probably would have caught it.
Back in the day brokers did not provide realized gains & losses reports (unless you were with a high end private client group). These days it doesn't matter how big the portfolio is its easy to report.
So in reality the only additional work is on the rental property and its sale. If it was complicated (calculating ACB and perhaps any principal residence exemption) that could warrant the $550 charge.
Always been there:"Now, the problem becomes if I miss a slip in any of the next 3 tax years, and the return is flagged in the Matching Program, the CRA is going to assess the "Repeated Failure to Report Income" penalty and fine me 20% of whatever the missed income is."
When was this rule introduced? Just curious, never happened to me.
The set penalty is 10% for the Feds and 10% for Ontario....or 20%.You may have to pay a federal and provincial or territorial penalty if you fail to report an amount of $500 or more for the following:
The penalty is whichever amount is less:
- your 2022 tax return
- your 2019, 2020, or 2021 tax return
The CRA may grant you penalty relief if you voluntarily disclose amounts that you failed to report and/or credits that you overstated before the CRA contacts you or anyone who is related to you.
- 10% of the amount you failed to report (federal and provincial or territorial)
- 50% of the difference between:
- the understated tax or overstated credits of the amount that you failed to report
- the tax withheld from the amount you failed to report
Wait until the CRA sends you the Notice of Assessment and then file an Adjustment for the missing slips.Well, again I messed up. I submitted my tax return online already, but missed a whole bunch of T5 and T5008 from one account.
I tried to see if I could add a t5008 to my 2001 return as a test, but it only allows for adding t3 and t5. There's also no place to amend the schedule 3 information where I would normally enter the t5008 information.Wait until the CRA sends you the Notice of Assessment and then file an Adjustment for the missing slips.
Given your large investment portfolio, if you have more than CAD$100,000 (cost)invested in foreign property (i.e. stocks, real estate etc.) you should be filing a T-1135. It's an information return, but failing to file it can bring you a penalty of up to $2,500. Most brokers provide the report needed for the accountant to prepare this form.If I have to pay $550 for this, I wonder what he charges for a T2 Return.
- 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.
Try $200 -$300/hr , not $50.At $50 an hour. that's over 32 hours. Seems excessive.
My accountant charges $225 an hour.Try $200 -$300/hr , not $50.
You're right. One lazy or incompetent accountant can royally screw you over. They may even be able save you tons of money and pay for themselves if they can find all the deductions, loopholes, benefits, etc. Better to pay $1200 and sleep easy knowing everything is take care of by a competent professional, rather than a second tier accountant who cut corners and spent 10 minutes filling in some boxes.My accountant charges $225 an hour.
I believe you get what you pay for.
My Accountant does complete a T-1135; forgot to mention that in my original post.Given your large investment portfolio, if you have more than CAD$100,000 (cost)invested in foreign property (i.e. stocks, real estate etc.) you should be filing a T-1135. It's an information return, but failing to file it can bring you a penalty of up to $2,500. Most brokers provide the report needed for the accountant to prepare this form.