Buisness
If a client is incorporated what do we need to tell them?
That we don't prepare corporate returns (T2) so client needs to get done elsewhere (we can do T1 afterwards if they desire).
If a client sold their principal residence what do we need?
TOTAL amount of sale, Year Purchased, FULL Address (incl postal), Split with Spouse
What document gives authorization for someone to represent an estate?
Will (or papers of adminstration if no will)
What are the three ways a client can pickup their return?
In office, Email, Curbside
How much extra does paper filing cost?
$10 + tax
If a new client is dropping off a business what do we need that we wouldn't from a prior client?
Last year's business schedules (for carryforward amounts, etc)
If someone sold their rental property what do we need completed?
Real Estate Disposition Worksheet
What slip do we need if a death benefit was issued?
CPP T4AP
Name two scenarios we need the dependents income?
If client is single parent claiming EDA or child's medical, or disability tax credit
When would a client qualify for a Credit Filer Return ($45)?
If client has no income or ONLY has T5007/CCPP/OAS with no taxes deducted
If a client has cell phone expenses, what do we need?
$ amount and broken out between personal/business use (%)
If a client purchased a home in the year what credit could they be eligible for and what information would we need?
First Time Home Buyers:
Closing date, if client or spouse owned a home in last 5 years, has anyone else claimed any amount towards the $10,000 credit (and if yes then how much)
If the taxpayer was working at the date of death what do we need?
Last 3 paystubs
If a client has RRSPs from the first 60 days of the prior tax year what do we need to ask?
If client is okay with us adjusting tax return for $25 if not included (only charge if makes more than a $25 difference)
What is the fee for cashback? If preparing the spouses return who is not intrested in cashabck what do we need to ask?
$30 + 5% of Refund and if its ok to take their fees out of the cheque
If a client is GST Registered what do we need to ask them?
GST/HST Included in Income/Expenses? If Yes we need to break it out (costs $20+ tax)
If a client has not provided a rental worksheet but instead gave us a bunch of receipts to total what do we need to tell them?
That it costs $80/hour ($20 for every 15 mins) it takes us to total the receipts. The client can fill out the worksheet to avoid these costs.
If return goes into probate what do we need?
Copy of Provincial Estate Return
Name three credits could a client be claiming for their child with a disability?
Disability Tax Credit, Canada Caregiver Credit, Childcare, Medical
Name three things that would make a return a Premium or Investment return?
Premium: T1B - Covid Carryback, T1032 - Pension Split, T2091 - Principal Res, T777S - Simplified Only, More than 12 slips
Investment:T3, T5008, T5013, More than 25 slips
If a client purchased a new car in the year for business what do we need?
Purchase price (or docs) and Sale Price/FMV/Trade in Value of old Vehicle
What information is on the Real Estate Disposition Worksheet we need from the client?
Proceeds or FMV/Original Purchase Cost/Capital Upgrades Since Purchase/Outlays on Sale/Year Property Purchased/Net GAIN (LOSS)
Name 5 things the client would include in the asset worksheet.
Executor information, Real estate disposition, bank account information, RRSP/RRIF information, investment information, automobile, other assets, beneficary information,
Name 3 different types of employment expenses a client could take?
T777S, T777, TL2, Clergy
Name three things that are more expensive than an Investment Return ($90)?
Bankruptucy, Business, Final, Trust, Rental