Why Use a Tax Profesional?
If you are considering doing your own taxes, it really boils down to what's important.
It's what you don't know that will cost you.
The Canadian Income Tax Act(1985) is complex. Every year they undergo Federal & Provincial changes that are intended to balance our budget and deficit as well as stimulate the economy.
Changes very seldom come with simple rules and a direct change to the tax rates. They are mostly comprised of well disguised deductions, refundable & non refundable credits, surtaxes, clawbacks, elimination amounts, and carry forwards.
At O.B.S. Tax Services, we pride ourselves in the hundreds of hours we spend in continuing education, updates and research in order to ensure that we pay our own bill.
In fact, Since 1994, we have been able to go back on returns filed by individuals and other firms, claiming credits that exceeded $1.5 million for our clients.
Also, over 80% of new clients found that we saved them more money than our fee's!
Yes, the cost of having a professional prepare your taxes for you is higher than doing it yourself or using on online tax filing software. But are you truly saving money?
At O.B.S. Financial, our fee's are among the most competitive in the industry. In 2011, our average cost for an individual tax return was less than $55.00, including all extras. So, when compared with an online tax software, your cost on average would be $40.00 more.
Last year we saved our new clients aprox $150.00 per client due to our knowledge on tax rules, credits, transfers and advances, that they were not aware of when they came in.
So, what is it really costing you?
How long did it take you to complete your taxes last year?
It is estimated that it took Canadians over 4 hours to complete thier own individual tax return using online software. This included the time to research the correct tax software, go through thier online questionnaire, netfile it and print it off.
That is a lot of frustration, for little return. Completing your own income tax returns on paper or by using online tax software, does not educate you on what you can do to save money and increase your tax refunds.
Our professionals at O.B.S. Financial will not only complete your tax return (usually within an hour), but at the same time, will make suggestions on what you can do to save money for now and in the future.
3. Peace of Mind
Have you ever been in an audit with CRA? We have!
Every year individuals forget about taxes. Hundreds of thousands of Canadians arrive at their mailbox and are greeted by a CRA review request.
Since 2019, the size of a basic tax return has increased from 4 pages to 8. They have introduced new calculations and schedules, the most common of which is the new multistep calculation of the Canada Pension Plan Tax Credits which affects each and every working Canadian. That alone will keep people up for hours trying to understand it.
CRA reviews are part of the CRA's way to ensure compliance with the Income Tax Act. In today's electronic era, the CRA processes your return today then verifies it tomorrow. Thier method of verification usually requires submitting tax forms, documents, schedules, receipts, proof of identity, residence or education.
At O.B.S. Financial we deal with hundreds of reviews and audits annually. All behind the scenes without our clients having to worry about what will happen with thier taxes. This follow up is part of our after the service. Less than 10% of our clients that were affected, are even aware.
Let us do the worrying for you!
In order to ensure our accuracy, and make sure you pay the least amount possible we ask that all clients complete our registration forms. New this year are 3 seperate forms: One for new clients, one for returning clients and one for deceased clients. Additional forms may be required based on your answers and tax situation.