Why Canadian tax professionals need to keep up with technology

The Canadian tax system is evolving into a more complex, paperless, electronic system

The Canadian tax system is evolving into a more complex, paperless, electronic system, and the government has decided that it needs a digital identity for taxpayers. The federal government is making good on its promise to make Canada a paperless nation by rolling out an online identity system called eID. The eID will be issued to Canadians in two phases. First, the government will start issuing eIDs to citizens with permanent resident status in 2015.

This is why Canadian tax professionals need to keep up with technology

Technology is the key to getting ahead of your competition. Technology is also a key component of tax planning and management. If you are not using technology to improve your efficiency and effectiveness as a tax professional, then you are falling behind your competitors. Your competition is using technology to improve their business processes. As tax professionals we need to do the same or risk being left in the dust.

I’ve been using technology for over 20 years. I was an early adopter of computers, and I still use computers for my tax practice. The Internet has changed my life, but it has also changed the way I do business. There are some things that we do today that we would have never dreamed of doing when we were kids. Technology has made these things possible, and it is transforming our lives in ways we could not even imagine. We have a lot to be thankful for, and I am grateful for all of the technology that has helped me to do my job better.

Tax Preparers As you might expect, tax preparation has changed a great deal in the past few decades. Computers are now used to help prepare your taxes. These programs are called “tax preparation software” or “tax preparation software packages.” There are several tax preparation software packages available today. Many people use these programs to help them with their taxes. Some tax preparation software is designed specifically for individuals and others are designed for small businesses. The best tax preparation software is designed to work with you, so you can customize it to fit your needs. Computers and Tax Preparation Software Tax preparation software is just one piece of the technology puzzle. Computers are also used to store data and information. Tax preparation software is only a small part of the computerization of tax preparation. You need to be aware of all of the technology that is involved in tax preparation. If you don’t understand the technology behind tax preparation then you may not be using it as effectively as you should be. I’ve been using computers for more than 20 years. I have seen technology improve the way we do business in every industry. I expect that the same thing will happen with tax preparation. It is essential that you understand how computers work. This includes knowing the difference between a file, an application, a program, and a document.

Tax software companies have made significant improvements in their tax preparation software

Over the last few years tax software companies have made significant improvements in their tax preparation software. However, even with these improvements, many people are still not able to use this type of software successfully. This is largely because most people who use a computer for their personal finances do NOT have a clue about taxes. Computers and their software are very important to many people… but… when it comes to taxes, they are virtually useless.

Here’s a true story: I was recently contacted by someone who said he was using one of my newsletters to help him file his taxes. He e-mailed me some of the forms he needed help with… and… when I looked them over, I realized they were from a return he had already filed. In other words, he was using my newsletter to help him re-do his return… instead of filing a new return. This happens ALL THE TIME.

What amazes me is that the CRA and IRS allows this to happen. The IRS and CRA is actually encouraging it! Why? Because in the end, everyone will be paying less tax than if they just used an accountant or an online tax preparation service. Tax software companies like TurboTax have made significant improvements in their tax preparation software, but most people still don’t know how to use it successfully. The following are some of the things that most people do not understand when using tax preparation software: Many people do not understand that you can use the same software to prepare your taxes for both the regular (T4, 1040. and the alternative ( T2, 1040A) returns. That’s right… there is no need to purchase two different software packages. You can use the same software for both returns and save yourself some money. Most people don’t know that you can use the same software package for the entire year. In other words, you can use the same software for the first few months of the year and then switch to a new software package at the end of the year. For example, you could use TurboTax for the first few months of the year and then switch to another software package at the end of the year. That way you can save yourself some money. Most people don’t know that you can use the same software package for both personal and business returns.

Tax preparation software companies have improved the tax preparation process in Canada

These days, with the help of online software and cloud-based solutions, preparing your taxes is easier than ever. But if you’re planning on filing your income taxes online, you need to know what to expect from these programs. Here are 10 things you should know about using an online tax prep software program.

1.They’re available 24/7 There’s no reason to wait until the last minute to file your taxes. If you don’t want to deal with paper forms, you can use a tax preparation program like TurboTax Online, Bomcas Canada Online tax preparation services or H&R Block’s e-file. You can file your return in as little as 15 minutes.

2. You can file from anywhere Using a tax prep software program means you can file from home, work or even a public library.

3. They’re secure and accurate Online tax prep software programs ( to some degree ) are designed to ensure that you get your refund as fast as possible. The programs will verify your information and make sure that all of your transactions are correct before sending it to the CRA for processing.

4. The program’s security and accuracy are verified by a third party The Canadian government has chosen to partner with a third-party company to verify the security and accuracy of TurboTax Online and H&R Block’s e-file and others. The verification process is known as the Tax Information Exchange Agreement (TIEA).

5. They have a large database TurboTax Online and H&R Block’s e-file both use the same database, which means they share the same information about your income, deductions, credits, and more.

6. You get a refund instantly If you don’t qualify for a refund, you can still get your money back using the refund anticipation loan service offered by H&R Block.

7. They’re easy to use Online tax prep software programs are designed to be user-friendly so that anyone can file their taxes online.

8. They’re also designed to be intuitive, so that you can file in less than 15 minutes.

9. They’re secure Once you file your taxes, you can check your return from any computer or phone, so you’ll never have to worry about leaving it on a public computer.

10. You don’t have to print them out or mail them to the CRA If you use TurboTax Online, you’ll have the option to print your return, which means you won’t have to make copies of your information to mail to the CRA.

11. They’re fast Online tax prep software programs are designed to file your return as fast as possible, so you can get your refund faster.

The fastest way to file your taxes is using Bomcas Canada Accounting and tax preparation services online or the free H&R Block e-file program. To get more information about online tax prep software programs, visit the websites listed above. Online tax preparation services While online tax preparation software programs are convenient and offer the ability to file from anywhere at anytime, they don’t always offer the best service. Online tax prep services are different. They’re a lot like regular tax prep services, but they have one big advantage: they offer a wide range of services to Canadians. From filling out your taxes, to filing your return, you can get all your tax information from a single source. Most online tax prep services offer the following services: Filling out your taxes – A tax preparer will help you fill out your tax forms and answer any questions that you have about your taxes. – A tax preparer will help you fill out your tax forms and answer any questions that you have about your taxes. Filing your taxes – If you’re not comfortable with the software, you can use the online tax prep service to file your return. – If you’re not comfortable with the software, you can use the online tax prep service to file your return. Sending your return to the CRA – You can choose to either send your return directly to the CRA or pay the preparer a fee for this service. – You can choose to either send your return directly to the CRA or pay the preparer a fee for this service. Checking your refund – After you file your return, your preparer will send you an email with details of how much you’ll get back from the CRA. – After you file your return, your preparer will send you an email with details of how much you’ll get back from the CRA. Preparing your taxes – If you need more help, you can ask the tax preparer for help.

Canadian tax professionals must be aware of these changes to stay competitive

As a Tax Professional, I always recommend that my clients have an up-to-date copy of their personal and business tax returns. However, in this electronic age, it is even more important to keep your information up-to-date and accurate. Clients often ask me, “What can I do to make sure my taxes are prepared properly?” My answer is simple:

Be sure to let us know of any changes in your personal or business situation that have occurred since your last return was filed. By providing this extra bit of information, we will be able to ensure your return is prepared accurately and on time. Changes such as:

Marriage Divorce New Business Formation Changes in your occupation Births of children Changes in your residency status (e.g., moving to another province) Changes in your marital status (e.g., remarriage) Income from self-employment Gains or losses from investments Any other change in your personal or business circumstances that has a tax impact Remember: Changes in your personal or business circumstances may have a significant impact on the amount of taxes you owe. Therefore, it is important to keep us informed of these changes. Even if the change is something as simple as adding an employee. Changes like this can often result in an “Odd-Man-Out” situation and an increase in your overall tax bill.

As a result of changes in the Income Tax Act, certain expenses that were previously deductible are now subject to tax and/or interest. Examples include: Deductions for meals and entertainment, including those paid by a client or employer, are subject to tax and/or interest. Deductions for transportation expenses incurred in business are not deductible. Other examples include: Interest paid on a loan is no longer deductible. Deductions for any amounts paid to the Canada Revenue Agency (CRA) are subject to interest. In addition to these changes, there are new rules regarding certain deductions. Examples include: The amount of interest paid on a mortgage is no longer deductible. Expenses for property acquired before December 31, 2012, and used for business purposes, are now deductible only if the property was put into service after that date. There are also new rules regarding the treatment of certain capital gains. Examples include: Capital gains from the sale of an asset that is not a residence are subject to tax and/or interest. Capital gains from the sale of a residence are not subject to tax and/or interest. Other examples include: The amount of capital losses that you can deduct are reduced by the amount of capital gains. The amount of capital gains you can deduct is limited to the amount of capital losses you have. The CRA has changed its definition of a “tax payer” and as such, the rules have changed. Examples include: A parent who receives dividends from a corporation, is not a tax payer. A child under age 18 is considered to be a tax payer. A spouse who is a tax payer may not also be a beneficiary of a private corporation.

Canadian tax professionals must be aware of these changes to remain successful

Remember, it is not the amount of taxes you pay… but… rather… the amount of taxes you _tell_ the government you paid that counts. So, make sure all your tax returns are as honest as you can possibly be. Don’t forget to include all your business income and losses, rental activity and any other sources of taxable income you may have.

Oh yea, and don’t forget to notify the Canada Revenue Agency (CRA) of any “significant” changes in your personal or business circumstances that may affect your future tax obligations. If you do this… and… if you follow my other suggestions in this book… then… I guarantee you will find Canadian tax law to be much more understandable, and therefore… MUCH MORE FAVOURABLE… than American tax law. In fact, I bet you will find it so easy to deal with Canadian tax authorities… you’ll wonder why you didn’t do it yourself all along!

Remember the best solution to file your taxes in Canada or anywhere in the world is always best to hire a professional tax accountant like the accountants that work a Bomcas Canada www.bomcas.ca Call them toady.