𝗧𝗵𝗲 𝟱 𝗞𝗲𝘆 𝗜𝘁𝗲𝗺𝘀 𝘆𝗼𝘂 𝘀𝗵𝗼𝘂𝗹𝗱 𝗵𝗮𝘃𝗲 𝗿𝗲𝗰𝗲𝗶𝘃𝗲𝗱 𝗳𝗿𝗼𝗺 𝘆𝗼𝘂𝗿 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗻𝘁 𝗮𝗳𝘁𝗲𝗿 𝘆𝗼𝘂𝗿 𝗧𝗮𝘅 𝗙𝗶𝗹𝗶𝗻𝗴.
Item 1: Discuss what was missing from 2019 and what needs to be added for 2020 to help Save on Taxes.
The trouble with the accounting industry is that we are essentially given 4 weeks to file every Canadian across Canada. The Accounting industry does not have the time to go back to you for every little item missing. They just push it through to get the work done, you sign off that everything is enclosed and then the liability is on the taxpayer. We have the privilege to help our clients with their income tax filing.
But our edge is our full financial planning relationship. We have access to more information on your behalf and know more about you than most.
𝘓𝘦𝘵'𝘴 𝘵𝘢𝘭𝘬 𝘢𝘣𝘰𝘶𝘵 𝘉𝘰𝘣 𝘢𝘯𝘥 𝘚𝘢𝘭𝘭𝘺. 𝘛𝘩𝘦𝘺 𝘢𝘳𝘦 𝘳𝘦𝘢𝘥𝘺 𝘵𝘰 𝘧𝘪𝘭𝘦 𝘵𝘩𝘦𝘪𝘳 2019 𝘛𝘢𝘹𝘦𝘴. 𝘞𝘩𝘢𝘵 𝘪𝘴 𝘵𝘢𝘹 𝘧𝘪𝘭𝘪𝘯𝘨? 𝘔𝘶𝘭𝘵𝘪𝘱𝘭𝘦 𝘤𝘩𝘰𝘪𝘤𝘦 𝘲𝘶𝘦𝘴𝘵𝘪𝘰𝘯 𝘧𝘰𝘳 𝘺𝘰𝘶:
- Bob and Sally complete a checklist, provide information, it`s reviewed by someone who knows their financial planning situation, missing information is requested, the file is prepared and reviewed and a written Tax Plan and Summary is completed, a drop off meeting and then filing.
- Bob and Sally drop off their information, someone who does not know them prepares the info and then its sent out for signing and filing.
- Bob and Sally don`t file their taxes.
- None of the above.
Now which answer is Tax Planning and Tax Filing?
When we file for our financial planning clients we already know so much about you and have access to so much of the information on your behalf that we can just obtain it for you.
In Jan and February annually, I request from the investment team all the slips that we require. We don`t miss any because we know what you have from our financial plans.
I tend to know information about you from being a client such as if you kids went to summer camp even though you have not child care expense, if you were ill and had to travel for medical treatment, if you sold your principle residence, if you have a tax deductible mortgage and how it works.
And if we do not have a good comparison to the previous year, we will reach back out to you to confirm the information.
We will also discuss with changes might be coming up for the next tax filing year that may be different so we can anticipate what will happen the following year that will warrant changes.
So not only is it widespread that you may have missed something from the current year you are not being told to include it for the upcoming year.