Tax Filing is for Everyone – So is a Tax Prep Starter Course

Ruth Horst

Periodically the Canada Revenue Agency (CRA) will embark upon a campaign with slogans to the effect that tax filing is simple. With over 20 years of experience in professional personal tax preparation - and still learning more every year – that’s perplexing as the majority of tax returns are far from simple. But completing an introductory tax prep course is foundational for everyone. It will maximize the relationship between the tax filer and the CRA, their financial pros and their investment decisions. Fortunately help is here, now. 

The Problem: There are multiple ways to file most tax returns but not all of the ways are the most beneficial to the taxpayer and their household unit. If income is missed, the CRA will quickly add it to the tax return – usually with penalties and interest included.

However, If deductions or credits are missed, the CRA will not automatically add them; it becomes the responsibility of the tax filer to file a request for an adjustment to the T1 return.

Tax Tip: The burden of proof is on the taxpayer; so is the opportunity to file the return most advantageously over the tax filing period – the current year and the carry over years – 10 years back and 10 or more years forward. That’s something most people don’t know.

Tax Filing is Fun? Seems impossible but it’s easy to get hooked on tax preparation! The filing of taxes returns is so rewarding and a mindful challenge that is actually intriguing.

It is similar to doing a jigsaw puzzle or Sudoku puzzle in that the framework remains the same for each puzzle but each tax return is different. Completing a tax return when one has the basic knowledge can be very intriguing and satisfying. The dilemma comes when individuals lack the understanding the framework of the tax return and are still determined to file their own taxes, without investing in some foundational tax knowledge.

Tax Tip: Not Knowing is Expensive. This is the point where frustration sets in and deductions are consequently missed and a higher tax assessment results.

Help is Here: The Knowledge Bureau is here to help with the understanding of the framework of a basic tax return with the Canadian Income Tax Fundamentals Certificate.

This is a stellar course for newcomers to income tax as well as individuals in the financial services professions: bookkeepers, financial advisors, & Real Wealth Managers should have a strong understanding about how their advice affects their client’s tax returns.

And it’s reasonably priced, will provide you with professional certification and qualifies for both the Canada Training Credit and tuition fee credit, depending on your eligibility.

Why not take some time out of the summer, when time opens up and business velocity is typically slower, to enrol in this certificate course, earn new credentials and achieve a greater understanding of how investing decisions impact the Tax Return? Understanding these impacts is vital to financial planning success. You might even decide to embark on a whole new career!

The Bottom Line: The Canadian Income Tax Fundamentals Course is will give you a comprehensive overview of the T1 General and will teach you what important considerations are in various life stages. Dive deeper into learning this summer!