That's a very good deal. Most firms would charge you minimum $350 for that level of preparation.
How much did your Accountant charge this year to prepare your Tax Return?
- Thread starter farquhar
- Start date
Mine are probably relatively simple but I have them done for me, paid $ 595 for preparation on four returns (entire family). He prepares the receipt annually as if the charge is just for my preparation meaning I can use it as a deduction the next year.
100% happy to pay and not do it myself. Normally we are some of the first ones he prepares we have all received either our refund already or are waiting now till the end of the month to pay the difference
100% happy to pay and not do it myself. Normally we are some of the first ones he prepares we have all received either our refund already or are waiting now till the end of the month to pay the difference
That would make more sense then especially if investments are held in multiple jurisdictions. I used to work on a file for a few years which was an investment holding company. It had US based rental properties as well as Canadian and US investments including flow through LP's. The annual bill would be about $7,500.
So, I found this out over the weekend; the Climate Action Incentive (which is the Refundable Tax Credit we get for the Carbon Tax in Ontario) is paid in Quarterly Installments.
A Direct Deposit was supposed to have been made on April 14th; but if you didn't have your taxes submitted and processed by March 24th, you didn't receive the April 14th payment. In that case, you will receive your April payment with your next Installment payment in July.
Nobody in this thread would have their taxes processed on March 24th, as we are still waiting on T3s to arrive.
Climate action incentive payment - Canada.ca
Just heard that CRA (and the rest of the Public Service) has set Wednesday as the Strike Date if a deal is not reached with the Government.
A Direct Deposit was supposed to have been made on April 14th; but if you didn't have your taxes submitted and processed by March 24th, you didn't receive the April 14th payment. In that case, you will receive your April payment with your next Installment payment in July.
Nobody in this thread would have their taxes processed on March 24th, as we are still waiting on T3s to arrive.
Climate action incentive payment - Canada.ca
Just heard that CRA (and the rest of the Public Service) has set Wednesday as the Strike Date if a deal is not reached with the Government.
Costs have gone up quite a bit. A standard compilation engagement for a small business would run 3-4K these days. Some more some less.
Not sure if this was already mentioned but if you don't have a complex tax return, open up a CRA account and get a tax program like UFile. The program asks me if i want to download my tax forms and all I do is connect to my CRA account and all the forms are downloaded to the tax program. A quick check and I submit. It literally takes me 10min now.
The foreign property declaration is based only on the "Costs" in Canadian dollars and not the market value. So if you were gifted the US$5000 then you have to calculate the value on the date that the stock was purchased in C$. Whatever dividends you were granted on that stock during that year has to also be converted to $Canadian. Now these are all considered to be "Costs". So in the tax return lets say this Stock gift and generous dividends amounted to Canadian $95,000 then no you do not have to file a T1135. However, in addition if you have $10,000 in a bank lets say in the UK, then yes file the "Simplified" T1135. The simplified one pertains to Foreign income between $100,000 - $250,000. You only have to declare the two different types of income in checking the boxes as well as the totals value of dividends and interest from that bank account. If it is over $250,000 in that case you have to use the detailed form to indicate the income from each and every investment / interest.
If you want to make some long term investments, then it is a very good idea is to keep an Excel or even an Access spreadsheet for each investment with all the initial purchase sums and costs associated from dividends over the years. Include the foreign taxes paid as you could also get tax credits. Easy to track that long term investment costs and declare it if it goes over the $100,000 threshold for T1135 declaration purposes.
I was recommended from a CFO friend who knew this person starting off on her own. I wrote her a reference and she has kept my invoice reasonable. If I allocated my personal time as $1/hr, she would still make economic sense - I get nauseous looking at blank tax forms.
I believe it is foreign assets between $100,000 and $250,000. And you may use the detailed declaration of you chose.
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Yes, you can if you choose to fill out either Parts A or B if you have between $100,000 to $250,000. But it is not mandatory to fill out the more detailed Part B, and instead just complete the Part A with just declaring the total gains from all the investments. But if it is above the $250,000 then definitely fill out Part B. However, even if you have a refund from your Tax return and then decide to delay filing your tax return after the April 30th deadline, you should File the T1135 by the April 30th deadline or you will start paying a high interest rate to a maximum of a $2500 fine!!
To avoid any misunderstandings, I think you should correct your previous post.
