With the CRA’s last-minute change, tax returns had already been filed in many cases
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Brianne Gardner, financial advisor and co-founder of Velocity Investment Partners at Raymond James Ltd. in Vancouver, says her accounting firm informed her that they would still need to bill clients as it had already completed the returns. The survey found that accounting firms spent an average of almost $13,000 on education to get up to speed on the new filing requirements. Firms charged almost $11,000 on average for the bare trust returns they filed, and incurred average costs of more than $12,000 for bare trust returns in progress for which they hadn’t yet charged.
Mr. Hector didn’t specifically charge clients for preparing and filing the T3 returns, as tax planning services are included as part of his overall wealth management fee. He has some advice for consumers figuring out how to make the most of the fees paid. For example, he advises they get a copy of the unfiled T3 and Schedule 15, and attempt to fill out the forms themselves next year based on the completed 2023 template.
“Thankfully, it worked out in their favour,” he says. “Some waited to see if they are going to walk this back just like they did with the underused housing tax returns.”
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