What you don’t know, can hurt your bottom line. In one case, a client had been shown how to record deposits into an accounting system. When we met with the client to review the income and expenses for the quarter we identified that the client had been recording personal injections for his start up company into the accounting software as income. We explained that those cash injections were considered loans, that the business would need to repay. Without our thorough review of the entries and the income reported, our client would have paid much more income tax than was due. We further worked with our client to ensure these items were entered properly in the future.

As bookkeepers, we’re on the lookout for anything out of the ordinary. For one client, after we prepared financial statements we spent some time doing some year over year comparison. Our analysis showed that Insurance costs had increased dramatically over a period of time. The client reached out to the insurance company, the error was identified and it resulted in a refund of premiums of $7,000. We’ll show you the right way to look at your numbers and books so you never miss an opportunity to save or grow.

In preparing taxes, it’s our responsibility to fully understand all the current CRA changes. We also know that the better we know your situation, the more we can ensure you don’t pay any more taxes than you have to. After a discussion with a long time client, we revealed some changes in medical history. It meant they were eligible to apply for the Disability Tax Credit. Once approved by CRA, we were able to file adjustments for the prior 10 years. At the end of process, our client was delighted when they received a $15,000 tax refund. Many of our clients tell us, more than anything, they feel taken care of at income tax time. It’s because we ask the right questions to understand you. Whether it’s retirement, a relationship change, a new job, having children; changes to your life will affect how your income tax situation changes. With new clients or long term clients, we ask and we listen, to make sure you get the best tax return preparation possible.