Tax preparation isn't easy. One of the greatest modern-day minds, Albert Einstein, once said that there was nothing more complicated than income taxes.
Fortunately, there are resources that you can turn to for help. The Canada Revenue Agency, for example, has set up a program called the Community Volunteer Income Tax Program, which thousands of people with modest means have been able to take advantage of.
While these are great to utilize if you're eligible, it can often be extremely difficult to get an appointment, especially with the tax filing deadline just around the corner.
That's where tax preparers come in. Tax preparers serve as an ideal outlet to utilize because it expands the number of options consumers and businesses have to choose from when they need to have their taxes done and don't want to be bothered with the filing process
You may have some questions about tax preparers that may have you wondering whether they're worthwhile. The following should hopefully provide you with some answers.
1. What Is A Tax Preparer?
A tax preparer or company is just as its title suggest - they're an entity that gets your taxes ready so that they're accurately put together for the Canada Revenue Agency to review.
The CRA has some resources that go into further detail regarding qualifications companies have to satisfy to be formally recognized as a tax preparer. FBC is a registered and approved electronic filer.
Tax preparers have the same experience that most accountants have, if not more.
2. Are Tax Preparers Accountants?
This is a question that FBC gets asked quite a bit. FBC professionals are not certified accountants by definition. However, the experience that they have makes them every bit as qualified as those who have the formal CPA designation.
You may be surprised to learn that many tax preparation companies don't use certified accountants, including major firms like H&R Block.
FBC provides extensive training to all our tax specialists and encourages ongoing professional development. After an FBC employee has completed our certification they will be proficient in advanced tax planning with regard to most aspects of personal and corporate income tax and will have participated in over 1,140 hours of classroom training over a four year period. That's 10% more than a degree program.
3. How Much Do Tax Preparation Services Cost?
The service fees associated with tax preparation vary from company to company. Some, for example, bill based on an hourly basis, while others charge a fee based on the specific business transactions. Some may bill you a portion of the refund you get back from the government, assuming that you don't owe the CRA and are getting money back.
4. WhenServices Are Available?
Quality tax preparers are open for business throughout the year. Unfortunately, however, there are those preparers who only do it on a seasonal basis, usually in the first quarter of the year with taxes being due at the end of April.
FBC is available year-round, so our clients benefit from the advantages anytime. This also ensures that you'll be protected in the unlikely chance you're audited after using FBC's services. All FBC Member's benefit from a service guarantee that include Audit Protection.
For more information on the tax preparer difference, speak with an FBC tax specialist.